LAS VEGAS, Oct. 29, 2015 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today announced that it confidentially submitted a draft registration statement on Form S-11 to the United States Securities and Exchange Commission ("SEC") relating to the proposed initial public offering of Class A common shares ("Class A Shares") of a newly formed limited liability company, MGM Growth Properties LLC ("MGP"), that intends to elect and qualify to be taxed as a real estate investment trust.
The offering will allow MGP to focus on its unique growth strategies, including owning, acquiring and leasing large-scale casino resort properties, which include casino gaming, hotel, convention, dining, entertainment, retail and mixed-use facilities, and other resort amenities.
The number of Class A Shares to be sold and the price range for the proposed offering have not yet been determined although MGM intends to maintain control of the subsidiary post offering. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
This press release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended, and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About MGM Resorts International
MGM Resorts International 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 is in the process of developing MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The Company also owns 51 percent of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is developing a gaming resort in Cotai, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com.
For further information: Investment Community, CATHERINE PARK, Executive Director of Investor Relations, (702) 693-8711, News Media, CLARK DUMONT, Senior Vice President of Corporate Communications, (702) 692-6888 or [email protected]
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 the Company's public filings with the SEC. The Company 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, the Company's ability and ultimate decision to complete the REIT transaction and the realization of any potential advantages, benefits and the impact of, and opportunities created by, the REIT transaction. 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 the operational complexities to be addressed by the Company to address to effect the REIT transaction, the ability and timing of the Company's receipt of regulatory approvals (including approval from gaming regulators) regarding the REIT transaction, effects of economic conditions and market conditions in the markets in which the Company operates and the REIT will operate, the condition of the U.S. debt and equity capital markets, 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 the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). 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. If the Company 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.
SOURCE MGM Resorts International