MGM Resorts International (MGM) Key Developments |
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MGM Resorts International (MGM)

MGM on New York Consolidated

29 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Boyd Gaming to sell its 50% interest in Borgata
Tuesday, 31 May 2016 04:13pm EDT 

Boyd Gaming Corp - : Boyd Gaming Corp says Borgata estimates that it is entitled to property tax refunds totaling $180 and estimates for open tax appeals .Boyd gaming to sell its 50% interest in Borgata.  Full Article

MGM Resorts, MGM Growth Properties to buy Borgata Hotel Casino & Spa
Tuesday, 31 May 2016 04:10pm EDT 

MGM Resorts International : MGM Resorts International and MGM Growth Properties LLC announce transactions to acquire Borgata Hotel Casino & Spa . MGM Resorts will pay approximately $600 million for Boyd Gaming's 50 percent interest . Borgata to be added to existing master lease between MGM Resorts and MGP, initial rent payment to MGP to increase by $100 million . Following completion of acquisition of Boyd Gaming's interest, MGP will acquire Borgata's real property from MGM Resorts . Says expect transaction to result in high single digit percentage accretion to AFFO per share . Deal for $900 million . Expects to fund acquisition of Borgata Real and assumption of related debt with a combination of existing cash on hand . MGM Resorts international says to acquire Boyd Gaming Corporation's 50 percent interest in Borgata Hotel Casino & Spa .MGP to lease back real property to a unit of Mgm Resorts, after which a subsidiary of MGM Resorts will operate Borgata.  Full Article

MGM Resorts International pricing of initial public offering
Tuesday, 19 Apr 2016 05:28pm EDT 

MGM Resorts International:Mgm resorts international announces pricing of initial public offering by mgm growth properties llc.Says public offering price of $21.00 per share for gross proceeds of $1.05 billion.  Full Article

MGM Resorts International Announces pricing of $1.05 billion senior notes offering by MGP Escrow Issuer LLC
Wednesday, 6 Apr 2016 04:10pm EDT 

MGM Resorts International:Says indirect wholly-owned subsidiaries, MGP Escrow Issuer LLC and MGP Escrow Co-Issuer Inc have priced $1.05 billion in aggregate principal amount of 5.625% senior notes due 2024 in a private placement at par.  Full Article

MGM Resorts International's Subsidiary MGM National Harbor, LLC Secures Financing For MGM National Harbor
Monday, 1 Feb 2016 08:30am EST 

MGM Resorts International:Subsidiary MGM national harbor, llc secures financing for MGM national harbor.Unit has entered into $525 million bank facility to fund development, construction of MGM national harbor.MGM national harbor project is expected to open in the fourth quarter of 2016.Says $525 million facility is comprised of a $425 million term loan a and $100 million revolving facility.Revolving,term loan facilities will initially bear interest at libor rate plus additional rate ranging from 2.00%-2.25% per annum.  Full Article

MGM Resorts International announces plan to create a REIT
Thursday, 29 Oct 2015 07:02am EDT 

MGM Resorts International:Says will create a controlled real estate investment trust ("reit"), to be named MGM growth properties llc.Will contribute the real estate associated with ten of its premier properties and mgp will assume about $4 billion of debt.Says will continue to manage and operate the properties and will retain 100% ownership of the bellagio and MGM grand Las Vegas.Says transaction is expected to be completed in the first quarter of 2016.  Full Article

MGM China Holdings Ltd amends senior secured credit facilities - Form 8-K
Friday, 12 Jun 2015 05:10pm EDT 

MGM China Holdings Ltd:Says that on June 9, 2015, the company, an indirect subsidiary of MGM Resorts International and MGM Grand Paradise, S.A., a wholly owned subsidiary of MGM China entered into a second supplemental agreement.Says pursuant supplemental agreement to which MGM China’s existing $2 billion senior secured credit facilities were amended and restated in their entirety.The Amended and Restated Credit Agreement includes a $1.55 billion equivalent term loan, an increase from the previous $550 million term loan, and a $1.45 billion equivalent revolving credit facility.The Amended and Restated Credit Agreement extends the term of the original facilities for an eighteen month period ending April 29, 2019.  Full Article

MGM Resorts International announces conversion of 4.25% convertible senior notes
Thursday, 16 Apr 2015 08:30am EDT 

MGM Resorts International:Says holders of company's $1.45 bln in aggregate principal amount of 4.25% convertible senior notes (notes) elected to convert about 99.97% of aggregate principal amount of notes into about 78,027,403 shares of company's common stock.Holders of notes received 53.8307 shares of common stock per $1,000 principal amount of notes converted (which is equivalent to a conversion price of about $18.58 per share).Cash was paid in lieu of fractional shares.Says remaining $501,000 aggregate principal amount of notes that were not converted were paid in cash at maturity.  Full Article

MGM Resorts International subsidiary MGM China Holdings announces agreement for amendment and extension of credit facility
Tuesday, 7 Apr 2015 11:49am EDT 

MGM Resorts International:Says MGM China Holdings Limited, a 51 pct-owned subsidiary, has agreed in principle with its lenders to amend and restate its Hong Kong Dollar denominated senior credit facilities agreement expanding the facility by $1 bln and extending the maturity by 18 months.Says the amended and extended facilities will consist of a $1.55 bln equivalent term loan, an increase from previous $550 mln term loan and $1.45 bln equivalent revolving credit facility.Facilities will amend and restate the existing $2 bln credit facilities of MGM China Holdings Limited, in their entirety, and extend the term of those facilities to April, 2019.  Full Article

MGM Resorts International gives Q1 2015 RevPAR outlook - Conference call
Tuesday, 17 Feb 2015 11:00am EST 

MGM Resorts International:Expects Q1 2015 RevPAR growth of about 2 pct. to 3 pct.  Full Article

BRIEF-MGM Resorts International and Sydell Group announce partnership

* Construction at Park MGM and Nomad Las Vegas is expected to commence in late 2016 and conclude in late 2018