New public offering from MGM Resorts International
American casino operator MGM Resorts International has announced that it is hoping to bring in some $750 million in cash via a new public offering of 4.75% senior notes set to come due in 2028.
The New York-listed firm used an official Thursday press release to declare that the ongoing transaction is scheduled to conclude on October 13 ‘subject to customary closing conditions’ with any subsequent proceeds being earmarked for ‘general corporate purposes’ including the possible refinancing of existing debts.
MGM Resorts International proclaimed that it originally launched this float featuring notes worth approximately $500 million but had quickly raised the overall volume due to investor interest and may moreover set aside any net profits to finance ‘short-term interest-bearing accounts, securities or similar investments.’
Read a statement from MGM Resorts International…
“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 related news and CDC Gaming Reports used a Thursday report to detail that the United States-facing BetMGM online sportsbetting service is expecting to record net third-quarter revenues of up to $160 million. The source pronounced that this figure was contained within an update released by British online casino and sportsbook operator GVC Holdings, which operates the iOS and Android-enabled facility in partnership with MGM Resorts International.
BetMGM has reportedly already gone live for punters in New Jersey, Colorado, West Virginia, Nevada and Indiana and anticipates launching across a trio of further states before the end of the year. The mobile-friendly service recently inked partnership arrangements with the Las Vegas Raiders, Detroit Lions and Denver Broncos franchises of the National Football League (NFL) and is purportedly furthermore hoping to be accessible in a total of 20 such jurisdictions by the conclusion of 2021.