LAS VEGAS, Feb. 1, 2016 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that its subsidiary MGM
National Harbor, LLC, has entered into a $525 million bank facility to fund the
development and construction of MGM National Harbor in Prince George's County, Maryland. Construction
on the $1.3 billion resort casino
began in September 2014 and the
project is expected to open in the fourth quarter of 2016.
"We are appreciative of the support from our lenders in the
development of MGM National Harbor," said Dan D'Arrigo, Executive
Vice President, Chief Financial Officer and Treasurer of MGM
Resorts International. "This transaction is an important part of
the resort's construction progress and we are looking forward to
opening this luxury resort later this year."
"This financing, along with the capital contributions from MGM
Resorts and our local investors, supports our vision of bringing a
world-class entertainment destination to Prince George's County and the State of Maryland," said Lorenzo Creighton, President and Chief Operating
Officer of MGM National Harbor. "We recently celebrated the
'topping off' of the resort and are thrilled with the progress we
are making for a successful 2016 debut."
The $525 million facility is
comprised of a $425 million term loan
A and $100 million revolving
facility. The revolving and term loan A facilities will initially
bear interest at a LIBOR rate plus an additional rate ranging from
2.00% to 2.25% per annum (determined based on a consolidated total
leverage ratio). The term loan A and revolving facilities are
scheduled to mature in January
2021.
About MGM Resorts International
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 and Casino. For more information about MGM Resorts
International, visit the Company's website at
www.mgmresorts.com.
About MGM National Harbor
The newest addition to the MGM Resorts International portfolio,
MGM National Harbor's unrivaled setting offers stunning panoramic
views of the eastern shore of the Potomac River in Maryland. The $1.3
billion resort sits a short distance from Washington, D.C. to the north and historic
sites, including George Washington's
Mount Vernon estate across the
river in Virginia. The 24-story,
308-room resort will feature premier amenities and experiences for
locals as well as visitors from around the world including a
dynamic casino with over 125,000 square feet of space that includes
slots, table games and poker; a world-class spa and salon; an
entertainment theater with flexible seating for up to 3,000;
high-end branded retail; 27,000 square feet of meeting space; and
restaurants from renowned local, national and international chefs.
For more information about MGM National Harbor, visit the
property's website at www.mgmnationalharbor.com.
Statements in this release that are not historical facts are
forward-looking statements involving risks and/or uncertainties,
including those described in MGM Resorts International's public
filings with the Securities and Exchange Commission. MGM
Resorts International 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 expected timing for completion
of the MGM National Harbor casino resort. 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 Resorts International 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 Resorts International's Form 10-K, Form 10-Q and
Form 8-K reports (including all amendments to those reports). In
providing forward-looking statements, MGM Resorts International 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