MGM Grand, Inc. (NYSE: MGG) today
announced that its Board of Directors has approved a twelve month stock
repurchase program authorizing the Company to purchase up to 5,000,000 shares
of the Company`s common stock. The purchases will be made from time to time
in the open market or through privately negotiated transactions as market
conditions warrant. MGM Grand will finance the repurchase program through
available cash, cash flow from operations and, to the extent necessary, its
existing credit facility.
“The strong performance of our existing operations and our newest casino
in Detroit affords us the opportunity to execute this program while
maintaining the best balance sheet in the industry. We will continue our
emphasis on maximizing returns in order to accelerate our free cash flow. Our
financial position allows us to grow internally, reduce debt, as well as
repurchase shares,” said J. Terrence Lanni, Chairman and Chief Executive
Officer of MGM Grand, Inc.