Key Developments: MGM Resorts International (MGM.N)

MGM.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

MGM Resorts International Prices $4.0 Billion Senior Secured Credit Facility As Part Of Comprehensive Refinancing
Friday, 14 Dec 2012 08:30am EST 

MGM Resorts International announced that it has successfully priced its $4.0 billion amended and restated senior secured credit facilities. The facilities will be comprised of a $1.2 billion revolving facility, a $1.05 billion term loan A facility and a $1.75 billion term loan B facility. The revolving and term loan A facilities will initially bear interest at LIBOR plus 3.00%, but will be subject to credit rating adjustments after six months, which would result in an interest rate of LIBOR plus 2.75% based on current credit ratings. The Company plans to use the net proceeds of the facilities, together with cash on hand and the proceeds from the previously announced $1.25 billion senior note offering offering, to repurchase all of its outstanding 13% senior secured notes due 2013, 10.375% senior secured notes due 2014, 11.125% senior secured notes due 2017 and 9% senior secured notes due 2020 (the "Existing Secured Notes") tendered in the previously announced tender offers, to fund the redemption and satisfaction and discharge of any of the Existing Secured Notes that are not tendered in the tender offers, to refinance its existing senior credit facility, to pay transaction-related fees and expenses and for general corporate purposes. The closing of the refinancing transactions, including the amended and restated credit agreement, is scheduled to be completed on December 20, 2012.  Full Article

MGM Resorts International Prices $1.25 Billion In Senior Notes
Thursday, 6 Dec 2012 05:49pm EST 

MGM Resorts International announced that it has priced a public offering of $1.25 billion in aggregate principal amount of 6.625% senior unsecured notes due 2021 at par. The transaction is expected to close on December 20, 2012. Barclays Capital Inc. and J.P. Morgan Securities LLC will act as representatives of the underwriters and Barclays, J.P. Morgan, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., BNP Paribas Securities Corp., RBS Securities Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc. and SMBC Nikko Capital Markets Limited will act as joint book-running managers for the proposed offering. The Company plans to use the net proceeds of the offering, together with cash on hand and the proceeds from a new $4.0 billion amended and restated senior secured credit facility, which will include a revolving credit facility, term loan A and term loan B tranches, (i) to repurchase all of its outstanding 13% senior secured notes due 2013, 10.375% senior secured notes due 2014, 11.125% senior secured notes due 2017 and 9% senior secured notes due 2020 (the "Existing Secured Notes") tendered in the previously announced tender offers, (ii) to fund the redemption and satisfaction and discharge of any of the Existing Secured Notes that are not tendered in the tender offers, (iii) to refinance its existing senior credit facility, (iv) to pay transaction-related fees and expenses and (v) for general corporate purposes.  Full Article

MGM Resorts International Names Bill Hornbuckle President And Chief Marketing Officer
Tuesday, 4 Dec 2012 06:19pm EST 

MGM Resorts International announced the promotion of Bill Hornbuckle to President and Chief Marketing Officer. In the newly-created position that will report to Jim Murren, Chairman and CEO of MGM Resorts International, Hornbuckle will assume expanded responsibility to include Gaming Development.  Full Article

MGM Resorts International Comments On Q3 2012 RevPAR Guidance-Conference Call
Tuesday, 7 Aug 2012 11:00am EDT 

MGM Resorts International announced that based on these current trends it expect RevPAR in the third quarter of 2012 to be slightly down.  Full Article

MGM Resorts International Comments On Q2 2012 REVPAR Guidance-Conference Call
Thursday, 3 May 2012 10:00am EDT 

MGM Resorts International announced that based on current booking trends, it expects mid-single digit REVPAR growth in the second quarter of 2012.  Full Article

MGM Resorts International Declares Dividend
Wednesday, 22 Feb 2012 07:30am EST 

MGM Resorts announced a dividend of approximately $400 million, which will be paid to shareholders of record as of March 9, 2012 and distributed on or about March 20, 2012. MGM Resorts International will receive approximately $204 million, representing 51% of such dividend.  Full Article

MGM Resorts International And Ameristar Casinos Inc Creates Strategic Marketing Relationship To Expand Member Benefits
Wednesday, 15 Feb 2012 08:30am EST 

MGM Resorts International and Ameristar Casinos Inc announced a strategic marketing relationship for the companies' rewards programs – MGM Resorts' M life and Ameristar's Star Awards/Plateau Players Club. Beginning in mid-March, the strategic agreement allows targeted MGM Resorts' M life members to receive offers and benefits at Ameristar casinos and Ameristar's Star Awards/Plateau Players Club members to receive offers and benefits at MGM Resorts' properties in Las Vegas. The relationship capitalizes on MGM Resorts' world-renowned destinations in Las Vegas and Ameristar's casino-hotels in regional markets in Colorado, Indiana, Iowa, Mississippi, Missouri and Northern Nevada. This creates opportunities for M life and Star Awards/Plateau Players Club members, allowing both companies to strengthen customer loyalty by providing more access and rewards.  Full Article

MGM Resorts International Announces Proposed Private Offering by CityCenter Holdings
Monday, 13 Feb 2012 08:08am EST 

MGM Resorts International 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), and CityCenter Finance Corp. propose to offer USD240 million in aggregate principal amount of senior secured first lien notes in a private placement. The notes are additional notes constituting a part of the same series as the USD900 million aggregate principal amount of 7.625% senior secured first lien notes due 2016 issued on January 21, 2011. CityCenter plans to use the net proceeds from the offering, together with cash from its balance sheet, to repay USD300 million of the outstanding borrowings under its USD375 million senior credit facility.  Full Article

MGM Resorts International Prices $850 Million In Senior Notes
Wednesday, 11 Jan 2012 03:43pm EST 

MGM Resorts International announced that it has priced $850 million in aggregate principal amount of its 8.625% senior notes due 2019 at par. The transaction is expected to close on January 17 , 2012. The Company plans to use the net proceeds to repay a portion of its indebtedness, which may include indebtedness under its senior credit facility or outstanding debt securities. The notes will be general unsecured senior obligations of the Company, guaranteed by substantially all of the Company's wholly-owned domestic subsidiaries which guarantee the Company's other senior indebtedness, and equal in right of payment with, or senior to, all existing or future unsecured indebtedness of the Company and each guarantor.  Full Article

MGM Resorts International Announces Agreement With Bwin.party Digital Entertainment Plc
Monday, 31 Oct 2011 04:03pm EDT 

MGM Resorts International announced an online poker agreement with Bwin.party Digital Entertainment Plc that brings together one of the land-based gaming operators in the U.S. with the publicly-traded online gaming company. Although online poker is currently prohibited in the U.S., Congress is considering proposals that could legalize it within a framework of federal regulation. Should such legislation be enacted, bwin.party and MGM Resorts would offer, subject to regulatory approval, an online platform that employs technologies and processes to ensure the integrity of the game and the security of player accounts and information.  Full Article

Investigators probe Cirque du Soleil death in Las Vegas

LAS VEGAS - Federal occupational safety officials are investigating the death of a performer during Cirque du Soleil's "KA" show at the MGM Grand in Las Vegas, Cirque officials said on Monday. | Video

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