MGM Resorts International Completes Landmark Refinancing Transactions

    MGM Resorts International Completes Landmark Refinancing Transactions

PR Newswire

LAS VEGAS, Dec. 20, 2012

LAS VEGAS, Dec. 20, 2012 /PRNewswire/ --MGM Resorts International (NYSE: MGM)
today announced that it has completed its previously announced refinancing
transactions. Specifically, it has:

  oEntered into a $4.0 billion amended and restated credit facility,
    comprised of a $1.2 billion revolving facility, a $1.05 billion term loan
    A facility and a $1.75 billion term loan B facility;
  oIssued $1.25 billion of 6.625% senior unsecured notes due 2021; and
  oAccepted all of its outstanding senior secured notes that were tendered in
    its previously announced tender offers by the early consent date and
    delivered a notice of redemption for any remaining outstanding senior
    secured notes in connection with satisfying and discharging these notes.

"This is a landmark refinancing for MGM Resorts International," said Jim
Murren, Chairman and Chief Executive Officer of MGM Resorts International.
"This transformational transaction has been executed earlier than original
expectations and at extremely attractive rates.With a significantly stronger
capital structure now in place, our focus remains on continuing to maximize
free cash flow, de-levering our balance sheet, and positioning our Company to
execute on growth and development initiatives."

As previously announced, the revolving and term loan A facilities will
initially bear interest at LIBOR plus 3.00%, but will be subject to credit
rating adjustments after six months, which would result in an interest rate of
LIBOR plus 2.75% based on current credit ratings. The term loan B facility
will bear interest at LIBOR plus 3.25% with a LIBOR floor of 1.00%.The
revolving and term loan A facilities will mature in December2017 and the term
loan B facility will mature in December 2019. The term loan B was issued at
99.5% to initial lenders.

The Company used the net proceeds of the facilities and the net proceeds from
the $1.25 billion senior unsecured note offering, together with cash on hand,
(i) torepurchase all of its outstanding13% senior secured notes due2013,
10.375% senior secured notes due2014, 11.125% senior secured notes due2017
and9% senior secured notes due2020 (the "Existing Secured Notes") tendered
in the previously announced tender offers, (ii) tofund the redemption and
satisfaction and discharge of any of the Existing Secured Notes that were not
tendered in the tender offers, (iii) to refinance its previous senior credit
facility and (iv)to pay transaction-related fees and expenses. The Company
intends to use the remaining net proceeds for general corporate purposes.

"With the successful completion of these refinancing transactions, we have
raised over $8 billion of long-term capital in 2012 at rates significantly
lower than recent years. We anticipate saving approximately $230 million
annually in reduced interest expense from this refinancing, allowing us to
improve free cash flow and further enhance our balance sheet," said Dan
D'Arrigo, EVP, Chief Financial Officer and Treasurer of MGM Resorts
International.

As a result of the refinancing transactions, the Company expects that it will
recognize a substantial charge in the fourth quarter of 2012 related primarily
to fees and other expenses associated with the refinancing transactions,
predominantly consisting of tender and redemption premiums in connection with
the repurchase of the Existing Secured Notes.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is one of the world's leading global
hospitality companies, operating a peerless portfolio of destination resort
brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage.In
addition to its 51% interest in MGM China Holdings, Limited, which owns the
MGM Macau resort and casino and is in the process of developing a gaming
resort in Cotai, the Company has significant holdings in gaming, hospitality
and entertainment, owns and operates 15 properties located in Nevada,
Mississippi and Michigan, and has 50% investments in three other properties in
Nevada and Illinois. One of those investments is CityCenter, an unprecedented
urban resort destination on the Las Vegas Strip featuring its centerpiece ARIA
Resort & Casino. Leveraging MGM Resorts' unmatched amenities, the M life
loyalty program delivers one-of-a-kind experiences, insider privileges and
personalized rewards for guests at the Company's renowned properties
nationwide. Through its hospitality management subsidiary, the Company holds a
growing number of development and management agreements for casino and
non-casino resort projects around the world. MGM Resorts International
supports responsible gaming and has implemented the American Gaming
Association's Code of Conduct for Responsible Gaming at its gaming properties.
The Company has been honored with numerous awards and recognitions for its
industry-leading Diversity Initiative, its community philanthropy programs and
the Company's commitment to sustainable development and operations. For more
information about MGM Resorts International, visit the Company's website at
www.mgmresorts.com.

Statements in this release that are not historical facts are forward-looking
statements involving risks and/or uncertainties, including those described in
the Company's public filings with the Securities and Exchange Commission.We
have based forward-looking statements on management's current expectations and
assumptions and not on historical facts. Examples of these statements include,
but are not limited to, statements regarding anticipated savings due to
reduced interest expense and the magnitude of the expected charge in the
fourth quarter of 2012. These forward-looking statements involve a number of
risks and uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated in such forward-looking
statements include effects of economic conditions and market conditions in the
markets in which we operate and competition with other destination travel
locations throughout the United States and the world, the design, timing and
costs of expansion projects, risks relating to international operations,
permits, licenses, financings, approvals and other contingencies in connection
with growth in new or existing jurisdictions and additional risks and
uncertainties described in our Form 10-K, Form 10-Q and Form 8-K reports
(including all amendments to those reports). In providing forward-looking
statements, the Company is not undertaking any duty or obligation to update
these statements publicly as a result of new information, future events or
otherwise, except as required by law.

SOURCE MGM Resorts International

Website: http://www.mgmresorts.com
Contact: Investment Community,DANIEL D'ARRIGO, EVP, Chief Financial Officer &
Treasurer, +1-702-693-8895, News Media, ALAN M. FELDMAN, Senior Vice President
of Public Affairs, +1-702-891-1840, afeldman@mgmresorts.com
 
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