MGM Resorts Inks Historic Meetings Deal With Microsoft

Contract represents largest single-corporation meeting event in Las Vegas; demonstrates continued strength in Las Vegas meetings and conventions market

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MGM Resorts International

Feb 16, 2017, 07:00 ET

LAS VEGAS , Feb. 16, 2017 /PRNewswire/ -- A new multi-year agreement between Microsoft Corp. (Nasdaq: MSFT) and MGM Resorts International (NYSE: MGM) is a first for both companies and a major win for Las Vegas. To MGM Resorts, the deal represents the largest single-corporation meeting event ever hosted by the leading global entertainment company. To Microsoft it marks the first time the computer giant has combined four separate annual events, with as many as 30,000 participants, into one signature meeting.

With Las Vegas posting a record-breaking year of visitation and MGM Resorts posting a record year for meetings and conventions, it is anticipated that group demand will continue to be strong. This piece of business, new to the Las Vegas market and new to MGM Resorts, rivals some of the company's – and the city's – largest single corporate group events annually.

"With this contract, MGM Resorts is poised to deliver our third record-breaking meetings and conventions year in a row," said Michael Dominguez, Senior Vice President and Chief Sales Officer for MGM Resorts. "The selection by Microsoft of Las Vegas and of MGM Resorts is incredibly exciting. Not only is this a mark of confidence in our brand, but it offers continued evidence that Las Vegas is viewed as the leading purveyor of mainstream entertainment worldwide. We believe this is the beginning of many more noteworthy developments to come."

Las Vegas, recently named the World's Leading Meeting & Conference Destination by the World Travel Awards, continues to break records, including 6.3 million delegates traveling to the destination in 2016.

Key trends in business volumes indicate that summer months in Las Vegas, typically the softest for meetings, are now among the busiest times of the year for MGM Resorts. With several large groups already booked for summer, the Microsoft deal, beginning in July 2017, reaffirms the summer trend and extends the convention season.

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 opened MGM National Harbor in Maryland on December 8, 2016, and is in the process of developing MGM Springfield in Massachusetts. MGM Resorts controls and holds a 76 percent economic interest in the operating partnership of MGM Growth Properties LLC (NYSE: MGP), a premier triple-net lease real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. The Company also owns 56 percent of MGM China Holdings Limited (SEHK: 2282), which owns MGM MACAU and is developing MGM COTAI, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino. MGM Resorts is named among FORTUNE® Magazine's 2016 list of World's Most Admired Companies®. 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 and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company's public filings with the Securities and Exchange Commission.

SOURCE: MGM RESORTS INTERNATIONAL

SOURCE MGM Resorts International