{"id":458043,"date":"2021-03-15T16:18:26","date_gmt":"2021-03-15T20:18:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=458043"},"modified":"2021-03-15T16:18:26","modified_gmt":"2021-03-15T20:18:26","slug":"mgm-resorts-international-announces-completion-of-37-1-million-mgp-operating-partnership-unit-redemption","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mgm-resorts-international-announces-completion-of-37-1-million-mgp-operating-partnership-unit-redemption\/","title":{"rendered":"MGM Resorts International Announces Completion Of 37.1 Million MGP Operating Partnership Unit Redemption"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">LAS VEGAS<\/span>, <span class=\"xn-chron\">March 15, 2021<\/span> \/PRNewswire\/ &#8212; MGM Resorts International (NYSE: MGM) (&#8220;MGM Resorts&#8221;) today announced the completion of the redemption of approximately 37.1 million of its operating partnership units of MGM Growth Properties (&#8220;MGP&#8221;) Operating Partnership LP (the &#8220;Operating Partnership&#8221;) for aggregate cash proceeds of approximately <span class=\"xn-money\">$1.2 billion<\/span>. \u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/537819\/MGM_Resorts_International_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/537819\/MGM_Resorts_International_Logo.jpg\" title=\"MGM Resorts International (PRNewsfoto\/MGM Resorts International)\" alt=\"MGM Resorts International (PRNewsfoto\/MGM Resorts International)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Following the redemption, MGM Resorts&#8217; ownership in the Operating Partnership was reduced from 53.0% to 42.1%. <\/p>\n<p>&#8220;Today&#8217;s announcement further demonstrates our commitment to the company&#8217;s asset-light strategy as we have significantly reduced our ownership stake in MGP to 42%, from 61% just one year ago,&#8221; said <span class=\"xn-person\">Jonathan Halkyard<\/span>, Chief Financial Officer and Treasurer of MGM Resorts. &#8220;Our strong liquidity position has been an invaluable asset to the company through the crisis. As the broader recovery in our core business and our cost efficiency efforts begin to pave a tangible path to free cash flow generation, we will remain prudent in allocating our capital to maximize shareholder value, including executing on key growth opportunities, maintaining a strong balance sheet, and returning cash to shareholders.&#8221; <\/p>\n<p>\n        <b><br \/>\n          <u>ABOUT MGM RESORTS INTERNATIONAL<br \/><\/u><br \/>\n        <\/b><br \/>\n        <i>MGM Resorts International (NYSE: MGM) is an S&amp;P 500\u00ae global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of <span class=\"xn-location\">Las Vegas<\/span>-inspired brands. The MGM Resorts portfolio encompasses 29 unique hotel and destination gaming offerings in <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-location\">Macau<\/span>, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company&#8217;s 50\/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in <span class=\"xn-location\">Asia<\/span> through the integrated resort opportunity in <span class=\"xn-location\">Japan<\/span>. Through its &#8220;Focused on What Matters: Embracing Humanity and Protecting the Planet&#8221; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096527-1&amp;h=1448218968&amp;u=https%3A%2F%2Fwww.mgmresorts.com%2Fen%2Fcompany%2Fcsr.html&amp;a=initiative\" rel=\"nofollow noopener noreferrer\">initiative<\/a>, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE\u00ae Magazine&#8217;s World&#8217;s Most Admired Companies\u00ae. For more information, please visit us at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096527-1&amp;h=4200527387&amp;u=http%3A%2F%2Fwww.mgmresorts.com%2F&amp;a=www.mgmresorts.com\" rel=\"nofollow noopener noreferrer\">www.mgmresorts.com<\/a>. Please also connect with us @MGMResortsIntl on <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096527-1&amp;h=2302437833&amp;u=https%3A%2F%2Ftwitter.com%2FMGMResortsIntl&amp;a=Twitter\" rel=\"nofollow noopener noreferrer\">Twitter<\/a> as well as <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096527-1&amp;h=3784223293&amp;u=https%3A%2F%2Fwww.facebook.com%2Fmgmresorts&amp;a=Facebook\" rel=\"nofollow noopener noreferrer\">Facebook<\/a> and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096527-1&amp;h=1161163901&amp;u=https%3A%2F%2Fwww.instagram.com%2Fmgmresortsintl&amp;a=Instagram\" rel=\"nofollow noopener noreferrer\">Instagram<\/a>.<\/i>\n      <\/p>\n<p>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&#8217;s public filings with the Securities and Exchange Commission. The Company has based forward-looking statements on management&#8217;s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to,\u00a0the Company&#8217;s expectations regarding the Company&#8217;s ability to execute on key growth opportunities, allocate capital to maximize shareholder value and maintain its strong balance sheet. \u00a0These 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 continued impact of the COVID-19 pandemic on the Company&#8217;s business, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout <span class=\"xn-location\">the United States<\/span> 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 the Company&#8217;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.<\/p>\n<div>\n<table id=\"convertedTablec0fd\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <b><br \/>\n                      <u>MGM RESORTS INTERNATIONAL CONTACTS<\/u>\u00a0\u00a0 <\/b><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <b>Investment Community\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>News Media<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">CATHERINE PARK\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">BRIAN AHERN<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Executive Director, Investor <\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Director, Media Relations<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"mailto:cpark@mgmresorts.com\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">cpark@mgmresorts.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"mailto:media@mgmresorts.com\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">media@mgmresorts.com<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA09218&amp;sd=2021-03-15\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/mgm-resorts-international-announces-completion-of-37-1-million-mgp-operating-partnership-unit-redemption-301247600.html\">http:\/\/www.prnewswire.com\/news-releases\/mgm-resorts-international-announces-completion-of-37-1-million-mgp-operating-partnership-unit-redemption-301247600.html<\/a><\/p>\n<p>SOURCE  MGM Resorts International<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA09218&amp;Transmission_Id=202103151615PR_NEWS_USPR_____LA09218&amp;DateId=20210315\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire LAS VEGAS, March 15, 2021 \/PRNewswire\/ &#8212; MGM Resorts International (NYSE: MGM) (&#8220;MGM Resorts&#8221;) today announced the completion of the redemption of approximately 37.1 million of its operating partnership units of MGM Growth Properties (&#8220;MGP&#8221;) Operating Partnership LP (the &#8220;Operating Partnership&#8221;) for aggregate cash proceeds of approximately $1.2 billion. \u00a0 Following the redemption, MGM Resorts&#8217; ownership in the Operating Partnership was reduced from 53.0% to 42.1%. &#8220;Today&#8217;s announcement further demonstrates our commitment to the company&#8217;s asset-light strategy as we have significantly reduced our ownership stake in MGP to 42%, from 61% just one year ago,&#8221; said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. &#8220;Our strong liquidity position has been an invaluable asset to the company &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mgm-resorts-international-announces-completion-of-37-1-million-mgp-operating-partnership-unit-redemption\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;MGM Resorts International Announces Completion Of 37.1 Million MGP Operating Partnership Unit Redemption&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-458043","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MGM Resorts International Announces Completion Of 37.1 Million MGP Operating Partnership Unit Redemption - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mgm-resorts-international-announces-completion-of-37-1-million-mgp-operating-partnership-unit-redemption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Resorts International Announces Completion Of 37.1 Million MGP Operating Partnership Unit Redemption - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire LAS VEGAS, March 15, 2021 \/PRNewswire\/ &#8212; MGM Resorts International (NYSE: MGM) (&#8220;MGM Resorts&#8221;) today announced the completion of the redemption of approximately 37.1 million of its operating partnership units of MGM Growth Properties (&#8220;MGP&#8221;) Operating Partnership LP (the &#8220;Operating Partnership&#8221;) for aggregate cash proceeds of approximately $1.2 billion. \u00a0 Following the redemption, MGM Resorts&#8217; ownership in the Operating Partnership was reduced from 53.0% to 42.1%. &#8220;Today&#8217;s announcement further demonstrates our commitment to the company&#8217;s asset-light strategy as we have significantly reduced our ownership stake in MGP to 42%, from 61% just one year ago,&#8221; said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. &#8220;Our strong liquidity position has been an invaluable asset to the company &hellip; Continue reading &quot;MGM Resorts International Announces Completion Of 37.1 Million MGP Operating Partnership Unit Redemption&quot;\" \/>\n<meta property=\"og:url\" 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Partnership LP (the &#8220;Operating Partnership&#8221;) for aggregate cash proceeds of approximately $1.2 billion. \u00a0 Following the redemption, MGM Resorts&#8217; ownership in the Operating Partnership was reduced from 53.0% to 42.1%. &#8220;Today&#8217;s announcement further demonstrates our commitment to the company&#8217;s asset-light strategy as we have significantly reduced our ownership stake in MGP to 42%, from 61% just one year ago,&#8221; said Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts. &#8220;Our strong liquidity position has been an invaluable asset to the company &hellip; Continue reading \"MGM Resorts International Announces Completion Of 37.1 Million MGP Operating Partnership Unit Redemption\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/mgm-resorts-international-announces-completion-of-37-1-million-mgp-operating-partnership-unit-redemption\/","og_site_name":"Market 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