LAS VEGAS, May 10, 2018 /PRNewswire/ — MGM Resorts International (NYSE: MGM) (the “Company”) today announced that the Board of Directors has authorized a new $2.0 billion share repurchase program.
“The latest share repurchase authorization reflects the Company’s financial strength and continued commitment to returning capital to our shareholders,” said Jim Murren, Chairman and CEO of MGM Resorts. “We are pleased with the Company’s strong balance sheet, which has allowed us to take a balanced approach to driving shareholder value through our quarterly dividend and share repurchase program, as well as continuing to invest in our properties and explore prudent growth opportunities.”
The Company also announced the completion of its previous $1.0 billion share repurchase program. Since the announcement of the Company’s $1.0 billion share repurchase program in September 2017, the Company has repurchased approximately 30 million shares.
Under the stock repurchase program, which is designed to return value to the Company’s shareholders, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® 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 Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company opened MGM Cotai in Macau in February 2018. It is also developing MGM Springfield in Massachusetts and debuting the first international Bellagio branded hotel in Shanghai. The 78,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information visit us at www.mgmresorts.com.