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8-K - FORM 8-K - MGM Resorts International | p18839e8vk.htm |
Exhibit 99.1
Press Releases
MGM Resorts International Announces IPO Hearing
LAS VEGAS, April 29, 2011 /PRNewswire/ As previously announced, MGM Resorts International
(NYSE: MGM) and Ms. Pansy Ho are pursuing a proposed initial public offering (the IPO) of the
shares of MGM China Holdings Limited on the Hong Kong Stock Exchange (the HKSE). The IPO and
related transactions will be structured so that MGM Resorts will obtain 51% ownership, and
management control, of MGM China upon consummation of the IPO.
In connection therewith, MGM Resorts announced today that the Listing Committee of the HKSE held a
meeting on April 28, 2011 to consider the application for the proposed listing of MGM China on the
HKSE. The Listing Committee has issued a comment letter as a part of their ongoing review process.
MGM China continues to work closely with the HKSE to address all remaining items in order to
achieve a prompt listing of its shares on the HKSE. The timing or terms of any such listing have
not yet been determined, and there is no assurance as to whether MGM China will ultimately proceed
with the listing, or whether the application will be approved by the HKSE.
The ordinary shares proposed to be offered by MGM China will not be registered under the Securities
Act, or any state securities law and may not be offered or sold in the United States 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. This press release does not constitute an offer to sell or a solicitation of
an offer to buy MGM China ordinary shares, nor shall there be any offer, solicitation or sale of
any such ordinary shares in any jurisdiction in which such offer, solicitation or sale would be
unlawful.
Statements in this release that 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 MGM Resorts public filings with the Securities and Exchange
Commission. We have based 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 MGM Resorts expectations regarding the IPO and related transactions.
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 in Hong Kong and other global markets for
equity securities generally and for equity securities of gaming, hospitality and entertainment
companies and of MGM China in particular. In providing forward-looking statements, MGM Resorts 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.
SOURCE MGM Resorts International
For further information: Investment Community, DANIEL J. DARRIGO, Executive Vice President, Chief
Financial Officer and Treasurer, +1-702-693-8895, or News Media, ALAN M. FELDMAN, Senior Vice
President of Public Affairs, +1-702-650-6947, afeldman@mgmresorts.com, both of MGM Resorts
International
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