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Exhibit 99
(MGM RESORTS INTERNATIONAL LOGO)
PRESS 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.
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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 Company’s public filings with the Securities and Exchange Commission. We have based those 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, statements regarding the Company’s 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 venture’s 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:
   
 
   
Investment Community
  News Media
DANIEL J. D’ARRIGO
  ALAN M. FELDMAN
Executive Vice President and
  Senior Vice President of Public Affairs
Chief Financial Officer
  (702) 650-6942 or afeldman@mgmresorts.com
(702) 693-8211
   
SOURCE: MGM RESORTS INTERNATIONAL