MGM Resorts International Announces Closing of Common Stock Offering

LAS VEGAS, Oct. 19 /PRNewswire-FirstCall/ -- MGM Resorts International (NYSE: MGM) announced that on October 18, 2010, the Company completed its previously announced offering of 40,900,000 shares of its common stock resulting in net proceeds to the Company of approximately $511,000,000.  The Company will use the net proceeds of the offering for general corporate purposes, including the repayment of debt.

The Company's largest stockholder, Tracinda Corporation, concurrently sold 27,782,000 shares of the Company's common stock at the same price per share. The Company and Tracinda Corporation each granted the underwriter a 30-day option to purchase up to an additional 6,135,000 shares and 4,167,300 shares, respectively, to cover over-allotments, if any.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Statements in this release which are not historical facts are "forward looking" statements and "safe harbor statements" within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and other related laws 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. We have based those 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 Company's expectations that it will continue to access the capital markets. 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 market conditions for corporate debt and equity generally, for the securities of gaming, hospitality and entertainment companies and for the Company's indebtedness and common stock in particular. 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.

SOURCE MGM Resorts International