LAS VEGAS, Oct. 29, 2015 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that it
confidentially submitted a draft registration statement on Form
S-11 to the United States Securities and Exchange Commission
("SEC") relating to the proposed initial public offering of Class A
common shares ("Class A Shares") of a newly formed limited
liability company, MGM Growth Properties LLC ("MGP"), that intends
to elect and qualify to be taxed as a real estate investment
trust.
The offering will allow MGP to focus on its unique growth
strategies, including owning, acquiring and leasing
large-scale casino resort properties, which include casino gaming,
hotel, convention, dining, entertainment, retail and mixed-use
facilities, and other resort amenities.
The number of Class A Shares to be sold and the price range for
the proposed offering have not yet been determined although
MGM intends to maintain control of the subsidiary post
offering. The initial public offering is expected to commence after
the SEC completes its review process, subject to market and other
conditions.
This press release is being made pursuant to and in accordance
with Rule 135 under the Securities Act of 1933, as amended, and
does not constitute an offer to sell or the solicitation of an
offer to buy securities, and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
About MGM Resorts International
MGM Resorts
International is one of the world's leading global hospitality
companies, operating a portfolio of destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The
Company is in the process of developing MGM National Harbor
in Maryland and MGM Springfield in Massachusetts.
The Company also owns 51 percent of MGM China Holdings Limited,
which owns the MGM Macau resort and casino and is developing a
gaming resort in Cotai, and 50 percent of CityCenter in Las
Vegas, which features ARIA Resort & Casino. For more
information about MGM Resorts International, visit the Company's
website at www.mgmresorts.com.
For further information: Investment Community, CATHERINE PARK, Executive Director of Investor
Relations, (702) 693-8711, News Media, CLARK DUMONT, Senior Vice President of Corporate
Communications, (702) 692-6888 or cdumont@mgmresorts.com
Forward-Looking Statements
Statements in this release
that are not historical facts are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995 and involve risks and/or uncertainties, including those
described in the Company's public filings with the SEC. The Company
has based 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, the Company's
ability and ultimate decision to complete the REIT transaction and
the realization of any potential advantages, benefits and the
impact of, and opportunities created by, the REIT transaction.
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 the operational complexities to
be addressed by the Company to address to effect the REIT
transaction, the ability and timing of the Company's receipt of
regulatory approvals (including approval from gaming regulators)
regarding the REIT transaction, effects of economic conditions and
market conditions in the markets in which the Company operates and
the REIT will operate, the condition of the U.S. debt and equity
capital markets, the design, timing and costs of expansion
projects, risks relating to international operations, permits,
licenses, financings, approvals and other contingencies in
connection with growth in new or existing jurisdictions and
additional risks and uncertainties described in the Company's Form
10-K, Form 10-Q and Form 8-K reports (including all amendments to
those reports). 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. If the Company updates one
or more forward-looking statements, no inference should be drawn
that it will make additional updates with respect to those other
forward-looking statements.
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SOURCE MGM Resorts International