MGM Resorts International (NYSE: MGM) announced today that it has been approved as a holding company of a casino licensee in the state of New Jersey following actions at a regular meeting of the New Jersey Casino Control Commission in Atlantic City.
“After a thorough and comprehensive review, we are gratified by the unanimous vote of confidence from the New Jersey Casino Control Commission and the New Jersey Division of Gaming Enforcement,” said Jim Murren, Chairman and CEO of MGM Resorts. “MGM Resorts International welcomes the opportunity to be an active contributing member of the New Jersey gaming marketplace through our 50% ownership of Borgata Hotel Casino & Spa. Borgata is a best in class resort and, under the insightful leadership of Boyd Gaming, has set a new standard in Atlantic City. We look forward to working together with our co-owners on Borgata’s continued success.”
MGM’s interest in Borgata is presently held in a divestiture trust. Under the terms of the trust agreement and the stipulation of settlement with the Division of Gaming Enforcement (DGE), the trustee will prepare a final accounting for approval by the DGE and, thereafter, for approval by the Casino Control Commission. Upon receipt of the required approvals, MGM’s interest in Borgata, the approximately $86 million of cash and investments, and the title to certain leased real property in Atlantic City in the trust will be transferred to MGM. Authority to grant the requisite administrative approvals has been delegated by the Commission to its Chairman, and receipt of the approvals is presently expected to occur in the next 30 days.
MGM Resorts International (NYSE: MGM) is one of the world’s leading global hospitality companies, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company’s website at www.mgmresorts.com.
Statements in this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties, including those described in MGM’s public filings with the Securities and Exchange Commission. MGM has based 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 approval by the DGE, the Commission and the Chairman and the timing of such approvals. 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 effects of economic conditions and market conditions in the markets in which MGM operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM 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. If MGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
CONTACT: Investment Community, SARAH ROGERS, Vice President, Investor Relations, (702) 693-8654 or [email protected]; or News Media, GORDON ABSHER, Vice President, Corporate Communications, [email protected]; or ALAN FELDMAN, EVP of Global Government and Industry Affairs, 702-891-1840