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8-K - FORM 8-K - MGM Resorts International | p18487e8vk.htm |
Exhibit 99
PRESS RELEASE
For Immediate Release
For Immediate Release
MGM RESORTS INTERNATIONAL ANNOUNCES PROPOSED PRIVATE OFFERING BY CITYCENTER HOLDINGS
Las Vegas, Nevada, January 10, 2011 MGM Resorts International (NYSE: MGM) today announced that
CityCenter Holdings, LLC, a joint venture which is 50% owned by a wholly-owned subsidiary of the
Company and 50% owned by Infinity World Development Corp. (a wholly owned subsidiary of Dubai
World), proposes to offer $1.1 billion in aggregate principal amount of first and second lien
notes in a private placement. CityCenter plans to use the net proceeds from the offering to reduce
its obligations under its existing credit facility in connection with amending and restating the
credit facility to, among other things, extend the maturity of the remaining loans for four years.
The notes proposed to be offered will not be registered under the Securities Act of 1933, as
amended (the Securities Act), or any state securities laws and may not be offered or sold in the
United States or to any U.S. persons absent registration under the Securities Act, or pursuant to
an applicable exemption from, or in a transaction not subject to, the registration requirements of
the Securities Act and applicable state securities laws. The notes will be offered only to
qualified institutional buyers under Rule 144A of the Securities Act or, outside the United
States, to persons other than U.S. persons in compliance with Regulation S under the Securities
Act.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the
notes, nor shall there be any offer, solicitation or sale of any notes in any jurisdiction in which
such offer, solicitation or sale would be unlawful. The Company gives no assurance that the
proposed offering can be completed on any terms.
* * *
Statements in this release which are not historical facts are forward-looking statements and
safe harbor statements within the meaning of Section 21E of the U.S. Securities Exchange Act of
1934, as amended, and other related laws that involve risks and/or uncertainties, including risks
and/or uncertainties as described in the Companys public filings with the Securities and Exchange
Commission. We have based those forward-looking statements on managements current expectations and
assumptions and not on historical facts. Examples of these statements include, but are not limited
to, statements regarding the Companys expectations regarding the offer of the notes by CityCenter.
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 market conditions for corporate debt generally, for the
securities of gaming, hospitality and entertainment companies and for the joint ventures
indebtedness in particular. 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.
Contacts: |
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Investment Community
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News Media | |
DANIEL J. DARRIGO
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ALAN M. FELDMAN | |
Executive Vice President and
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Senior Vice President of Public Affairs | |
Chief Financial Officer
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(702) 650-6942 or afeldman@mgmresorts.com | |
(702) 693-8211 |
SOURCE: MGM RESORTS INTERNATIONAL