LAS VEGAS, April 9, 2015 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced a special dividend and the adoption of an annual
distribution policy by CityCenter Holdings, LLC
("CityCenter"). CityCenter approved a $400 million special dividend, which will be paid
on or about April 30, 2015. The
owners will each receive $200
million, representing their pro rata share. In
addition, CityCenter has approved the adoption of a regular
dividend policy pursuant to which it will make annual distributions
of up to 35% of excess cash flow subject to approval by the
CityCenter board of directors.
"CityCenter is a rapidly appreciating asset and has demonstrated
significant operating growth since opening," said Jim Murren, Chairman and CEO of MGM Resorts
International and Chairman of CityCenter. "Both members
believe that CityCenter's strong financial position and future free
cash flow profile firmly positions it to begin to return capital to
its shareholders."
"We are pleased that the improving Las
Vegas hospitality market and increased recognition of the
attributes of Aria and CityCenter has enabled us to announce this
distribution to the shareholders," said Bill Grounds, President and COO of Infinity
World Development Corp.
CityCenter is an urban mixed-use development on the Las Vegas
Strip that includes ARIA Resort & Casino, a 4,004-room casino
resort; Mandarin Oriental Las Vegas, a 392-room non-gaming boutique
hotel with 225 luxury condominium residences; Crystals, a retail
and entertainment district consisting of approximately 355,000
square feet of leasable retail space; Vdara Hotel and Spa, a
1,495-room luxury hotel-condominium; and the Veer Towers, which
contain 669 luxury condominium residences. CityCenter opened
in December 2009. For more
information about CityCenter, visit the development's website at:
www.citycenter.com.
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 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.
Infinity World Development Corp is a wholly owned subsidiary of
Dubai World. Dubai World is one of Dubai's global investment flag bearers
focusing on strategic growth areas including in transport and
logistics, drydocks and maritime, urban development, and investment
and financial services. Its portfolio comprises some of the world's
best known companies, including DP World, Drydocks World, Dubai
Maritime City, Economic Zones World, and Istithmar World. For more
information about Dubai World visit its website at
www.dubaiworld.ae.
Statements in this release which are not historical facts are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act and other related laws. The
Company has based these statements on management's current
expectations and assumptions and not on historical facts. Examples
of these statements include statements regarding the timing of the
payment of any dividends and the future free cash flow profile of
CityCenter. A number of important factors could cause actual
results to differ materially from those indicated in such
forward-looking statements, including effects of economic
conditions and market conditions in the markets in which the
Company operates, competition with other destination travel
locations throughout the United
States and the world, the design, timing and costs of
expansion projects, and 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) filed with the Securities and Exchange Commission.
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.
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SOURCE MGM Resorts International