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Press release from PR Newswire

MGM Resorts International Completes Consent Solicitation

Friday, April 20, 2012

MGM Resorts International Completes Consent Solicitation09:00 EDT Friday, April 20, 2012LAS VEGAS, April 20, 2012 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) announced today that the requisite holders of its 10.375% Senior Secured Notes due 2014 and 11.125% Senior Secured Notes due 2017 (collectively, the "Notes") had consented to the amendment of the definition of "Change of Control" in the indenture governing the Notes.   As a result of the amendment, the failure of Tracinda Corporation and its affiliates to collectively own more than 15% of the Company's common stock would not constitute a "Change of Control" under the indenture or require an offer by the Company to repurchase the Notes for 101% of the principal amount thereof plus accrued and unpaid interest.The consent solicitation expired at 5:00 p.m., New York City time, on April 19, 2012 and the Company received valid consents in respect of a majority in aggregate principal amount of the outstanding Notes voting as a single class (excluding Notes owned by the Company or any affiliate of the Company). Accordingly, the Company entered into a supplemental indenture reflecting the amendment described above.  The Company will settle today the consent payment with respect to the Notes for which consents have been delivered and accepted in the consent solicitation.  Persons with questions regarding the consent solicitation should contact the solicitation agent, BofA Merrill Lynch, at (888) 292-0070 or (980) 388-3646 (collect) or the information and tabulation agent, Global Bondholder Services Corporation, at (866) 937-2200 or (212) 430-3774 (collect).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, 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.SOURCE MGM Resorts InternationalFor further information: Investment Community, DANIEL J. D'ARRIGO, Executive Vice President and Chief Financial Officer, +1-702-693-8895, or News Media, ALAN M. FELDMAN, Senior Vice President of Public Affairs, +1-702-891-1840, afeldman@mgmresorts.com, both of MGM Resorts International