LAS
VEGAS, Dec. 19, 2022 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) ("MGM Resorts" or the "Company")
announced that MGM Grand Paradise the concession holder of MGM
China Holdings Ltd. (2282 HK), which is 56% owned by MGM Resorts
International, has been awarded a new 10-year gaming concession
contract.
As part of the agreement, MGM China will invest approximately
$2 billion over the next ten years,
approximately 50% of which is expected to be treated as capital
expenditures and 50% as operating expense1.
Approximately 90% of this spend will be earmarked for the
development of international tourist markets and non-gaming
projects and programming to drive diversification to the region.
MGM China will also receive an additional 200 table games raising
its total table count to 750, which will support future market
share growth opportunity for our business.
Bill Hornbuckle, Chief Executive
Officer and President of MGM Resorts International, said, "On
behalf of MGM Resorts International, I would like to express my
heartfelt gratitude to the Macao SAR government for giving us
support and opportunity on the new gaming concession. We always
believe in the strong potential of Macau. As Macau is entering a new milestone, we will
continue to share our international network, experience and
resources with the Macau team.
Under the leadership of Managing Director Pansy Ho, together with our remarkable
management team, I am confident that MGM China will demonstrate
further strength in the integrated tourism and leisure industry and
continue to make contributions to Macau."
For further information regarding MGM China please
visit: en.mgmchinaholdings.com
1 The allocation between capital expenditures and
operating expense is based upon preliminary estimates and may
change materially. Capital projects and expenses on which the
allocation estimate was based are subject to review and approval,
and therefore the Company cannot provide assurance that such
projects or initiatives will be completed as currently projected or
at all.
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
33 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, and the Company's subsidiary LeoVegas AB offers sports
betting and online gaming through market-leading brands in several
jurisdictions throughout Europe.
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.
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, as amended, and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission.
Forward-looking statements can be identified by the use of
forward-looking terminology such as "believes," "expects," "could,"
"may," "will," "should," "seeks," "likely," "intends," "plans,"
"pro forma," "projects," "estimates" or "anticipates" or the
negative of these words and phrases or similar words or phrases
that are predictions of or indicate future events or trends and
that do not relate solely to historical matters. 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 the amount and allocation of capital
expenditures and operating expenses the Company expects to incur.
Forward-looking statements depend on assumptions, data or methods
that may be incorrect or imprecise, and the Company may not be able
to realize them. The Company does not guarantee that the events
described herein will happen as described (or that they will happen
at all). 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
Investment Community:
ANDREW
CHAPMAN, Director of Investor Relations
(702) 693-8711, achapman@mgmresorts.com
News Media:
BRIAN
AHERN, Executive Director of Communications
media@mgmresorts.com
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SOURCE MGM Resorts International