LAS VEGAS, Aug. 10, 2020 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today welcomed the announcement that
IAC/InterActiveCorp (IAC), the media and technology company founded
and led by renowned business leader Barry
Diller, has made a significant investment in MGM Resorts
International.
"We could not be more excited to welcome IAC and Mr. Diller as
an investor in MGM Resorts. Mr. Diller and Joey Levin, CEO of IAC, bring vast experience in
both entertainment and online commerce and we will take full
advantage of their experience," said Paul
Salem, MGM Resorts Chairman of the Board of Directors.
"IAC's family of brands and digital expertise are a great
complement to the direction MGM Resorts has been taking both in
leveraging our digital assets to enhance our guests' experience and
building a leading iGaming and sports betting business in
BetMGM. We welcome IAC as a long-term strategic partner and
intend to invite them to join our Board of Directors."
Data-driven, digital and customer-centric innovations are a key
principle of the MGM 2020 plan announced last year and MGM Resorts'
executive leadership is excited that IAC recognizes the tremendous
value creation potential.
"IAC's expertise in growing and expanding brands online is a
natural fit for our focus on enhancing the resort experience
through curated and personalized offerings, as well as digital
enhancements in sports betting and online gaming," said CEO and
President Bill Hornbuckle. "We
appreciate that they share our long-term strategic vision for
growth and maximizing value for our shareholders. We welcome their
collaboration and are excited at the possibilities it will
bring."
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 in the United States and Macau, including some of the most recognizable
resort brands in the industry such as Bellagio, MGM Grand, ARIA and
Park MGM. The Company's 50/50 venture, BetMGM LLC, offers U.S.
sports betting and online gaming through market-leading brands,
including BetMGM and partypoker. The Company is currently pursuing
targeted expansion in Asia through
the integrated resort opportunity in Japan. Through its "Focused on What Matters:
Embracing Humanity and Protecting the Planet" initiative, MGM
Resorts commits to creating a more sustainable future, while
striving to make a bigger difference in the lives of its employees,
guests, and in the communities where it operates. The 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, please visit us at
www.mgmresorts.com. Please also connect with us @MGMResortsIntl on
Twitter as well as Facebook and Instagram.
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 Securities and Exchange Commission. 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
expectations regarding its ability to execute on its strategic
plans, including MGM 2020, and the Company's ability to maximize
value for its shareholders. 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
continued impact of the COVID-19 pandemic on the Company's
business, the effects of economic conditions and market conditions
in the markets in which the Company 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 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.
MGM RESORTS
CONTACTS:
|
|
|
Media:
|
Investment
Community:
|
BRIAN
AHERN
|
CATHERINE
PARK
|
Director, Media
Relations
|
Executive
Director, Investor
Relations
|
media@mgmresorts.com
|
cpark@mgrmesorts.com
|
View original
content:http://www.prnewswire.com/news-releases/mgm-resorts-international-welcomes-iac-as-a-significant-investor-301109095.html
SOURCE MGM Resorts International