LAS VEGAS, April 20, 2012 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) announced today that the requisite
holders of its 10.375% Senior Secured Notes due 2014 and 11.125%
Senior Secured Notes due 2017 (collectively, the "Notes") had
consented to the amendment of the definition of "Change of Control"
in the indenture governing the Notes. As a result of
the amendment, the failure of Tracinda Corporation and its
affiliates to collectively own more than 15% of the Company's
common stock would not constitute a "Change of Control" under the
indenture or require an offer by the Company to repurchase the
Notes for 101% of the principal amount thereof plus accrued and
unpaid interest.
The consent solicitation expired at 5:00
p.m., New York City time,
on April 19, 2012 and the Company
received valid consents in respect of a majority in aggregate
principal amount of the outstanding Notes voting as a single class
(excluding Notes owned by the Company or any affiliate of the
Company). Accordingly, the Company entered into a supplemental
indenture reflecting the amendment described above. The
Company will settle today the consent payment with respect to the
Notes for which consents have been delivered and accepted in the
consent solicitation.
Persons with questions regarding the consent solicitation should
contact the solicitation agent, BofA Merrill Lynch, at (888)
292-0070 or (980) 388-3646 (collect) or the information and
tabulation agent, Global Bondholder Services Corporation, at (866)
937-2200 or (212) 430-3774 (collect).
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. In addition to its 51%
interest in MGM China Holdings Limited, which owns the MGM Macau
resort and casino, 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 three
other properties in Nevada and
Illinois. One of those investments
is CityCenter, an unprecedented urban resort destination on the Las
Vegas Strip featuring its centerpiece ARIA Resort & Casino.
Leveraging MGM Resorts' unmatched amenities, the M life loyalty
program delivers one-of-a-kind experiences, insider privileges and
personalized rewards for guests at the Company's renowned
properties nationwide. 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 website at
www.mgmresorts.com.
SOURCE MGM Resorts International