MGM Resorts International has announced a proposal “to offer $675m in aggregate principal amount of senior notes due 2029.”
The company said net proceeds will be used to pay off existing debt, which includes MGM’s outstanding 5.750% senior notes due 2025.
MGM Resorts further outlined how incoming funds will be used by saying, “Pending such use, the Company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.
“The notes being offered will be general unsecured senior obligations of the company, guaranteed by substantially all of the company's wholly owned domestic subsidiaries that guarantee the company's other senior indebtedness, and equal in right of payment with all existing or future senior unsecured indebtedness of the company and each guarantor.”
In other company news, MGM Resorts International and its BetMGM subsidiary have partnered with the American Gaming Association (AGA) during September’s Responsible Gaming Education Month to boost responsible gaming awareness.
In addition to offering campaign support, MGM Resorts will donate $440,000 to fund research through the International Center for Responsible Gaming and Kindbridge Research Institute.
This is not the first time these organizations have worked together to encourage safe and responsible gambling. This year’s continued partnership will focus on “increased exposure” for Gamesense, a responsible gaming program developed in 2017 by the British Columbia Lottery Corporation (BCLC).
As part of the continued partnership, MGM Resorts and BetMGM will continue to support the AGA’s “Have a Game Plan. Bet Responsibly” public service campaign.
The program is designed to educate both novice and avid gamblers on safe and responsible ways to wager.
