LAS VEGAS, Nov. 4, 2010 /PRNewswire-FirstCall/ -- MGM
Resorts International (NYSE: MGM) today announced that it has
closed its previously announced sale of four long-term ground
leases and their respective underlying real property parcels at The
Borgata Hotel Casino & Spa in Atlantic City, New Jersey. The Company
finalized this sale for approximately $73
million, with net proceeds of approximately $71 million deposited to the Company’s
New Jersey trust account.
The underlying real property parcels subject to the
transaction are comprised of approximately 11.3 acres.
MGM Resorts International continues to own approximately 85
acres of developable land in Atlantic
City of which approximately 70 acres are adjacent to The
Borgata on Renaissance Point. These approximate 85 acres of
developable land were not included in this transaction.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a peerless
portfolio of destination resort brands, including Bellagio, MGM
Grand, Mandalay Bay and The Mirage. The Company has
significant holdings in gaming, hospitality and entertainment, owns
and operates 15 properties located
in Nevada, Mississippi and Michigan, and has
50% investments in four other properties
in Nevada, Illinois and Macau. One of
those investments is CityCenter, an unprecedented urban resort
destination on the Las Vegas Strip featuring its centerpiece ARIA
Resort & Casino. Through its hospitality management
subsidiary, the Company holds a growing number of development and
management agreements for casino and non-casino resort projects
around the world. MGM Resorts International supports
responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its gaming
properties. The Company has been honored with numerous awards
and recognitions for its industry-leading Diversity Initiative, its
community philanthropy programs and the Company's commitment to
sustainable development and operations. For more information
about MGM Resorts International, visit the Company's Web site at
www.mgmresorts.com.
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. the 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. 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