MGM Grand, Inc. (NYSE: MGG) today
announced that its Board of Directors has authorized a 2-for-1 stock split and
an initial quarterly cash dividend of $0.10 per share, after giving effect to
the stock split.
As a result of the split, shareholders of record as of February 10, 2000
will receive one additional share of MGM Grand, Inc. common stock for every
one share then owned. The new shares will be issued as soon as practicable
following the record date. As of December 13, 1999, the Company had
approximately 56,936,132 shares outstanding, exclusive of treasury shares.
MGM Grand`s Board of Directors announced a policy of paying regular
quarterly cash dividends. In accordance with that policy, the Board declared
a quarterly cash dividend of $0.10 per share giving effect to the stock split,
payable on March 1, 2000 to shareholders of record on February 15, 2000.
“The Board`s actions reflect management`s confidence in our financial
position, our accelerating free cash flow, our premier assets, and our
positive outlook of the stability and future growth of our Company. The
increase in shares outstanding resulting from the split should generate wider
distribution and improve the liquidity of our stock,” said Alex Yemenidjian,
President of MGM Grand, Inc.
“The stock split and the introduction of a regular quarterly cash dividend
demonstrates our continued commitment to return value to our shareholders,”
said J. Terrence Lanni, Chairman and Chief Executive Officer of MGM Grand,