LAS VEGAS, March 15, 2019 /PRNewswire/ -- MGM Resorts
International ("MGM Resorts") (NYSE: MGM) announced today that on
March 14, 2019, MGM Grand Paradise
Limited ("MGM Grand Paradise"), a wholly owned subsidiary of MGM
China Holdings Limited ("MGM China"), an indirect majority-owned
subsidiary of MGM Resorts, and Sociedade de Jogos de Macau, S.A. ("SJMSA") entered into a
Sub-Concession Extension Contract (the "Extension Agreement"),
pursuant to which the gaming sub-concession of MGM Grand Paradise,
which is due to expire on March 31,
2020, would be extended to June 26,
2022, which coincides with the expiration date of all the
other concessionaires and sub-concessionaires.
"We are grateful for the support of the Macau government to have authorized and
extended our sub-concession to now align with the rest of the
market," said Jim Murren,
Chairman and Chief Executive Officer of MGM Resorts and Chairperson
of MGM China. "We continue to believe in the long-term success of
Macau. As the region continues to
grow into an international leisure and tourism destination, MGM
China remains committed to supporting this vision through our
one-of-a-kind experiences in art, entertainment, and diverse food
and beverage programming, as well as our stunning Mansion villas at
MGM Cotai, which open later this month."
In connection with the extension, MGM Grand Paradise will pay
the government of Macau MOP200
million (equivalent to approximately HK$194.17 million or US$24.73 million) upon signing of the Extension
Agreement as contract premium for such extension.
In addition, on March 14, 2019,
MGM Grand Paradise also executed the MGM SJM Agreement with SJMSA,
pursuant to which MGM Grand Paradise shall pay SJMSA an amount of
MOP20 million (equivalent to approximately HK$19.42 million or US$2.47 million) in connection of the extension
of the sub-concession.
About MGM Resorts International
MGM Resorts
International (NYSE: MGM) is an S&P 500® global entertainment
company with national and international locations featuring
best-in-class hotels and casinos, state-of-the-art meetings and
conference spaces, incredible live and theatrical entertainment
experiences, and an extensive array of restaurant, nightlife and
retail offerings. MGM Resorts creates immersive, iconic experiences
through its suite of Las
Vegas-inspired brands. The MGM Resorts portfolio encompasses
29 unique hotel and destination gaming offerings including some of
the most recognizable resort brands in the industry. Expanding
throughout the U.S. and around the world, the company acquired the
operations of Empire City Casino in New
York in 2019, and in 2018, opened MGM Springfield in
Massachusetts, MGM COTAI in
Macau, and the first
Bellagio-branded hotel in Shanghai. The over 82,000 global employees of
MGM Resorts are proud of their company for being recognized as one
of FORTUNE® Magazine's World's Most Admired Companies®. For more
information visit us at www.mgmresorts.com.
About MGM China Holdings Limited
MGM China (SEHK:
2282) is a leading developer, owner and operator of gaming and
lodging resorts in the Greater
China region. We are the holding company of MGM Grand
Paradise, SA which holds one of the six gaming
concessions/sub-concessions to run casino games in Macau. MGM Grand Paradise, SA owns and
operates MGM MACAU, the
award-winning premium integrated resort located on the Macau Peninsula and MGM COTAI, a contemporary
luxury integrated resort in Cotai, which opened in early 2018 and
more than doubles our presence in Macau. MGM China is majority owned by MGM
Resorts International.
Forward-Looking Statements
Statements in this release
that are not historical facts are "forward-looking" statements and
"safe harbor statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks and/or
uncertainties, including those described in MGM Resorts' public
filings with the SEC. MGM Resorts 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, statements regarding the timing of the opening
of the Mansion villas. Among the important factors that could cause
actual results to differ materially from those indicated in such
forward-looking statements include effects of economic conditions
and market conditions in the markets in which MGM Resorts operates
and competition with other destination travel locations
throughout the United States and the world, 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 MGM Resorts' Form 10-K, Form 10-Q and Form
8-K reports (including all amendments to those reports). In
providing forward-looking statements, MGM Resorts 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 MGM Resorts 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