MGM Resorts International & AEG Enter Into Definitive Joint Venture Agreement To Develop New Las Vegas Arena

MGM Resorts International & AEG Enter Into Definitive Joint Venture Agreement
                        To Develop New Las Vegas Arena

Populous Chosen as Architect of Record

PR Newswire

LAS VEGAS, June 18, 2013

LAS VEGAS, June 18, 2013 /PRNewswire/ --AEG and MGM Resorts International
(NYSE: MGM) have completed and executed transactional agreements formalizing
the details of the previously announced joint venture to build a new arena
project, which will be the centerpiece of a complete revitalization of the
area between New York-New York and Monte Carlo resorts, extending from Las
Vegas Blvd. to Frank Sinatra Drive. They have selected Populous, designers of
many of the world's most memorable sports, concert and entertainment venues as
the Architect of Record and designer for the new approximately 20,000-seat
indoor arena.

The arena is expected to break ground in summer 2014, with the grand opening
projected for spring 2016. The project is anticipated to cost approximately
$350 million and be financed with equity contributions from each of the
partners as well as privately funded third-party financing.

"Finalizing our agreement with AEG and selecting Populous, a world-class
design firm, as the architect of this project are both important milestones in
this process," said Jim Murren, MGM Resorts International Chairman and Chief
Executive Officer. "The combination of MGM and AEG, along with the excellent
Las Vegas Strip location, is already driving interest from potential investors
in this exciting new development."

Populous is underway creating designs for the state-of-the-art arena set to
become Las Vegas' premier destination for sporting events, major headline
entertainment and special events that will drive significant visitation and
revenue to Las Vegas. The venue will feature a variety of unique premium
seating offerings as well as other hospitality areas for entertaining and
private events.

Dan Beckerman, President & Chief Executive Officer, AEG, said, "After spending
many years exploring a variety of arena opportunities in Las Vegas, we are
excited to have consummated a partnership with MGM Resorts International, the
leading gaming and hospitality company, to begin designing and building a
state-of-the-art arena on such an ideally located site. Bringing together the
knowledge, experience and assets of our respective organizations, we will
create an arena that offers fans the best live entertainment experience."

AEG Global Partnerships, an affiliate of AEG that collaborates with more than
100 venues and other AEG assets worldwide to create sales and marketing
platforms, will undertake the sales of sponsorships, premium seating and
luxury suite sales as well as seeking a naming rights partner for the new Las
Vegas showplace.

Chris Carver, Senior Principal at Populous, said, "The new MGM-AEG arena in
Las Vegas will provide the nation's preeminent entertainment destination with
a world-class venue that will redefine amenities and premium offerings
tailored to the demanding Las Vegas market. We very much look forward to
working with MGM and AEG to fulfill their progressive aspirations and quality
standards for the entire development."

World leaders in the design and development of iconic arena projects,
Populous' portfolio of sports facilities includes more than 20 projects in
association with AEG or ICON Venue Group (serving as project managers for the
project) including London's O[2] arena, Berlin's O[2 ]World [ ]arena and
Kansas City's Sprint Center. 

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world's leading global
hospitality companies, operating a portfolio of destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also
owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and
casino and is in the process of developing a gaming resort in Cotai, and 50%
of CityCenter in Las Vegas, which features ARIA Resort & Casino. For more
information about MGM Resorts International, visit the Company's website at
www.mgmresorts.com.

About AEG
AEG is one of the leading sports and entertainment presenters in the world.
AEG, a wholly owned subsidiary of the Anschutz Company, owns or is affiliated
with a collection of companies including over 100 of the world's preeminent
facilities such as STAPLES Center (Los Angeles, CA), StubHub Center (Carson,
CA), Best Buy Theater (Times Square, New York), Sprint Center, (Kansas City),
Target Center (Minneapolis, MN), Mercedes-Benz Arena (Shanghai, China),
MasterCard Center (Beijing, China), O2 World Hamburg, Allphones Arena (Sydney,
Australia), Ericsson Globe arena (Stockholm, Sweden), O2 World arena (Berlin,
Germany) and The O2 arena and entertainment district (London, England) which
are all part of the portfolio of AEG Facilities. Developed by AEG, L.A. LIVE
is a 4 million square foot / $2.5 billion downtown Los Angeles sports,
residential & entertainment district featuring Nokia Theatre L.A. LIVE and
Club Nokia, a 54-story, 1001-room convention "headquarters" destination along
with entertainment, restaurant and office space that "officially" opened in
2010. In addition to overseeing privately held management shares of the Los
Angeles Lakers (NBA), assets of AEG Sports include franchises and properties
such as the LA Kings (NHL), MLS Cup Champion Los Angeles Galaxy, two hockey
franchises in Europe, the Amgen Tour of California cycling race and Bay to
Breakers foot race. AEG Live, the company's live-entertainment division, is
the world's second largest concert promotion and touring company and is
comprised of touring, festival, exhibition, broadcast, merchandise and special
event divisions with fifteen regional offices. AEG Global Partnerships, a
division responsible for worldwide sales and servicing of sponsorships naming
rights and other strategic partnerships and AEG Merchandising, a multi-faceted
merchandising company are also core business units of AEG. In 2010, AEG
launched its AEG 1EARTH environmental program with the announcement of 2020
environmental goals and the release of the industry's first sustainability
report while in 2011, AEG introduced axs Ticketing, the first phase of its new
entertainment platform serving as the company's primary consumer brand which
will also feature a mobile service as well as a video content service now in
development. For additional information, visit www.aegworldwide.com

About Populous
Since inception in 1983, Populous has grown into the world's leading design
firm dedicated exclusively to creating environments that draw people and
communities together for unforgettable experiences, from stadiums to ballparks
to arenas. The firm has completed more than 2,000 projects around the globe
with construction value exceeding $30 billion. Populous has worked with 130
universities, 40 convention center clients, 80 professional and civic arena
clients, 24 Major League Baseball franchises, 30 NFL franchises, 40 global
soccer and rugby teams, 30 equestrian clients and has planned more than 30
major worldwide events.At Populous, we enthusiastically embrace the expertise
we claim – drawing people together around events, places, teams and ideas they
embrace and adore.

Statements in this release that are not historical facts are forward-looking
statements involving risks and/or uncertainties, including those described in
MGM Resorts International's public filings with the Securities and Exchange
Commission. MGM Resorts International has 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 the ability of MGM Resorts International and AEG to develop a new
arena in Las Vegas and/or obtain financing for such project. 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, the design, timing and costs of
expansion projects, risks relating to permits, licenses, financings, approvals
and other contingencies in connection with growth in new or existing
jurisdictions and additional risks and uncertainties described in MGM Resorts
International's Form 10-K, Form 10-Q and Form 8-K reports (including all
amendments to those reports). In providing forward-looking statements, MGM
Resorts International 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: MGM Resorts International, Daniel D'Arrigo, Executive Vice President,
CFO & Treasurer, +1-702-693-8895; Media: Jenn Michaels, Senior Vice President
of Public Relations, +1-702-891-1818, jenn_michaels@mgmresorts.com; or AEG,
Michael Roth, Vice President, Communications, +1-213-742-7155,
mroth@aegworldwide.com; or Populous, Annie Hellweg, Public Relations
Coordinator, +1 816 329 4313, Annie.Hellweg@populous.com
 
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