MGM Resorts International Enters Into Agreements Governing Proposed Initial Public Offering of Macau Joint Venture (MGM)

MGM Resorts International MGM today announced that it has entered into agreements with Ms. Pansy Ho pursuant to which the proposed initial public offering of the shares of MGM China Holdings Limited on the Hong Kong Stock Exchange (the "IPO") and related transactions will be structured so that MGM Resorts will obtain 51% ownership, and management control, of MGM China upon consummation of the offering. As a part of an overall restructuring of their relationship, Ms. Ho has agreed to invest in MGM Resorts by purchasing $300 million aggregate principal amount of convertible senior notes issued by MGM Resorts on terms similar to MGM Resorts' existing 4.25% convertible senior notes due 2015. These agreements remain subject to certain conditions, including required approvals of the Hong Kong Stock Exchange, and there can be no assurance that the proposed transactions will be consummated.