MGM Resorts said it has upsized a public note offering from US$500 million to US$750 million and will use the proceeds to refinance existing debt and for general corporate purposes.
MGM Resorts upsizes notes offering to $750m (SEC filing)
U.S. based casino operator MGM Resorts has been given the go-ahead by the Nevada Gaming Control Board to return their gaming floors to full pre-pandemic occupancy with no social distancing.
The authorities in Osaka are concerned that they have lost leverage in negotiations with the MGM-Orix IR consortium, and that poor business conditions will force a significant scaling back of ambitions, according to the reporting of the Nihon Keizai Shinbun.
BetMGM, the online joint venture between MGM Resorts and the U.K.'s Entain, said it sees the long-term sports betting market in the U.S. and Canada as being worth $32 billion and expects its share in the U.S. to be between 20 and 25 percent.
MGM Japan, hoping to build a major IR at Osaka’s Yumeshima island, is drawing attention to its recently concluded hospitality education program that it supported in partnership with Kansai Gaidai University.
MGM Resorts International announced that Jeff Mochal has joined the company as Senior Vice President of Corporate Communications. Mochal will oversee the company's corporate communications and strategic positioning, leading issues management strategy and proactive media relations, internal communications and social impact and sustainability messaging strategies for issues affecting MGM Resorts on a global scale.
Japan’s IR process appears to move forward in fits and starts, but there were two noteworthy events to emerge at the end of the week that advance the slow process towards the country's first casinos.
The Osaka Prefecture, which currently has MGM Resorts as a sole bidder for a license, has said it will consider further proposals, with documents to be submitted by April 6th.
MGM Resorts International has announced the completion of the redemption of approximately 37.1 million of its operating partnership units of MGM Growth Properties Operating Partnership LP for aggregate cash proceeds of approximately US$1.2 billion. Following the redemption, MGM Resorts' ownership in the Operating Partnership was reduced from 53.0 percent to 42.1 percent.
MGM Resorts International and BetMGM have made a unified commitment to responsible gaming and to providing the tools needed to help players make responsible, informed decisions while playing.
MGM China Co-chair Pansy Ho has sold more of her shares in parent company MGM Resorts, this time offloading about $56.7 million. The move has reduced her position from 1.66 percent to 1.36 percent.