LAS VEGAS, March 2, 2022 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company") today
announced that its Board of Directors has authorized a
new $2.0 billion share repurchase program.
"We remain committed to our capital allocation strategy and
continue to believe that returning cash to shareholders is a highly
productive use of our capital," said Jonathan Halkyard, CFO of MGM Resorts.
"We're pleased that our Board has authorized a new share repurchase
program as we believe there is tremendous value in our shares at
current levels."
Pursuant to the terms of the company's $3.0 billion repurchase plan authorized in
February 2020, the Company has
purchased 60 million shares, representing $2.5 billion. As of March
01, 2022, the Company has $524.6
million remaining under this repurchase plan. The Company
plans to utilize the remaining capacity under this repurchase plan
prior to effecting any repurchases under the new $2.0 billion repurchase program.
Under the stock repurchase program, which is designed to return
value to the Company's shareholders, the Company may repurchase
shares from time to time in the open market or in privately
negotiated agreements. Repurchases of common stock may also be
made under a Rule 10b5-1 plan, which would permit common stock to
be repurchased when the Company might otherwise be precluded from
doing so under insider trading laws. The timing, volume and
nature of stock repurchases will be at the sole discretion of
management, dependent on market conditions, applicable securities
laws, and other factors, and may be suspended or discontinued at
any time.
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
32 unique hotel and gaming destinations globally, including some of
the most recognizable resort brands in the industry. 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" philosophy, 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.
MGM RESORTS CONTACTS:
Investment Community,
ANDREW CHAPMAN, Director of Investor
Relations, (702) 693-8711, achapman@mgmresorts.com, OR News Media,
BRIAN AHERN, Executive Director of
Communications, media@mgmresorts.com
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SOURCE MGM Resorts International