MGM MIRAGE shareholders today approved at their annual meeting a proposal to rebrand the iconic hospitality leader “MGM Resorts International.
MGM MIRAGE announced yesterday that it closed the private offering of $845 million of its 9% senior secured notes due March 2020. The notes were issued at par with a four-year no call feature.
MGM MIRAGE (NYSE: MGM) today announced that it has entered into a settlement agreement with the New Jersey Division of Gaming Enforcement (DGE) under which it will sell its 50% ownership interest in the Borgata Hotel Casino & Spa and related leased land in Atlantic City.
MGM MIRAGE today announced that it proposes to offer up to $845 million in aggregate principal amount of senior secured notes due 2020 in a private placement. The Company plans to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its senior credit facility and related fees and expenses.
MGM MIRAGE today announced that lenders representing approximately $4.37 billion of the outstanding commitments under its $5.55 billion senior bank credit facility have entered into an amendment agreement (the “Amendment”) which, subject to certain conditions, will extend the maturity of a portion of the credit facility from October 3, 2011 to February 21, 2014.
MGM MIRAGE (NYSE: MGM) has partnered with ESS Analysis, a Boston-based advanced analytics-focused consulting firm, and A.T. Kearney, a global management consulting firm, to take customer database “mining” capabilities to a new level and further enhance guest loyalty programs.
MGM Mirage is pursuing an initial public offering in Hong Kong that could generate between US$300 million and US$500 million from the sale of a 20% to 30% stake. A launch date for the IPO has not yet been set.
MGM MIRAGE and Dubai World have signed definitive agreements to form a long-term strategic relationship whereby Dubai World will invest approximately $5 billion in MGM MIRAGE consisting of a $2.7 billion investment in CityCenter and up to $2.4 billion in purchases of MGM MIRAGE common stock.