LAS VEGAS, March 22, 2019 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp
("Infinity World"), today announced that the CityCenter Board
of Directors approved a $180 million
dividend consisting of a $116 million special dividend
and a $64 million dividend as part of its annual dividend
policy. The $180 million
dividend is expected to be paid by the end of the second quarter of
2019. MGM Resorts and Infinity World will each receive $90 million, their 50% share of the dividend.
"CityCenter continues to demonstrate its leadership as a premier
luxury destination, as ARIA is one of the top performing resorts in
Las Vegas and within the MGM
portfolio," said Jim Murren,
Chairman and Chief Executive Officer of MGM Resorts International
and Chairman of CityCenter. "The Board believes the strong
free cash flow profile and balance sheet of CityCenter will
continue to provide opportunities to maximize shareholder
returns for its owners."
About CityCenter
CityCenter, which is 50% owned by a
wholly owned subsidiary of MGM Resorts International and 50% owned
by Infinity World Development Corp (a wholly owned subsidiary of
Dubai World), is a mixed-use development on the Las Vegas Strip
located between the Bellagio and Park MGM resorts that includes
ARIA Resort & Casino, a 4,004-room casino resort; Vdara Hotel
and Spa, a 1,495-room luxury condominium-style hotel; and the Veer
Towers, which contain 669 luxury condominium residences.
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. Forward-looking statements are based 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 and payment of the
dividend and CityCenter's ability to continue to maximize
shareholder returns for its owners in the future. 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 the companies operate 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.
View original
content:http://www.prnewswire.com/news-releases/citycenter-announces-a-180-million-dividend-300816905.html
SOURCE MGM Resorts International