LAS VEGAS, Oct. 12 /PRNewswire-FirstCall/ -- MGM Resorts
International (NYSE: MGM) announced today that it is offering
40,900,000 shares of its common stock and that its largest
stockholder, Tracinda Corporation, is offering 27,782,000 shares of
its common stock pursuant to an effective registration statement.
Barclays Capital Inc. is the sole underwriter.
MGM Resorts International and Tracinda Corporation will each
grant the underwriter a 30-day option to purchase up to an
additional 6,135,000 shares and 4,167,300 shares, respectively, to
cover over-allotments, if any.
MGM Resorts International intends to use the net proceeds from
the sale of the common stock for general corporate purposes,
including the repayment of debt. MGM Resorts International
will not receive any proceeds from the sale of common stock by the
selling stockholder.
The offering of the common stock is being made solely by means
of a prospectus supplement and accompanying prospectus.
Copies of the prospectus supplement and accompanying
prospectus may be obtained for free by contacting Barclays Capital,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, (888) 603-5847
or email Barclaysprospectus@broadridge.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
Statements in this release which are not historical facts are
"forward looking" statements and "safe harbor statements" within
the meaning of Section 21E of the U.S. Securities Exchange Act of
1934, as amended, and other related laws that involve risks and/or
uncertainties, including risks and/or uncertainties as described in
the Company's public filings with the Securities and Exchange
Commission. We have based those forward-looking statements on
management's current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, statements regarding the Company's expectations as to
the common stock offering. These forward-looking statements involve
a number of risks and uncertainties. Among the important factors
that could cause actual results to differ materially from those
indicated in such forward-looking statements include market
conditions for corporate debt and equity generally, for the
securities of gaming, hospitality and entertainment companies and
for the Company's indebtedness and common stock in particular. In
providing forward-looking statements, the Company is not
undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or otherwise
except as required by law.
SOURCE MGM Resorts International
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