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TheStreet Open House

MGM Resorts And Mayor Sarno Sign Host Community Agreement, Transmittal Letter

Stock quotes in this article: MGM

MGM is hoping the agreement will serve as the foundation for a new partnership as it joins with the City of Springfield in the competition to win the sole Western Massachusetts casino license for Springfield.

Mayor Sarno added, "The competition to win this coveted license is not happening inside Springfield. It is happening throughout Western Massachusetts. MGM Springfield has the unique characteristics to satisfy the criteria set forth by the Massachusetts Gaming Commission. A City of Springfield and MGM Resorts partnership creates the strongest competitive edge for Springfield to win."

Hornbuckle added, "The Western Massachusetts license presents an extraordinary opportunity for MGM, Springfield and the entire region. MGM Springfield looks forward to presenting its vision to a larger audience, and in the not too distant future, to calling Springfield home."

Next StepsNow that city officials have completed the HCA negotiations with MGM Resorts, the full agreement must be approved by the Springfield City Council and then by Springfield voters. 

Upon a favorable referendum, MGM and Springfield would advance to potentially compete before the Massachusetts Gaming Commission with Mohegan Sun in Palmer and Hard Rock in neighboring West Springfield. Both Mohegan Sun and Hard Rock have filed applications with the MGC. Neither town has announced an HCA or has moved to the referendum stage. 

MGM Springfield is proposed for 14.5 acres of land between Union and State streets, and Columbus Avenue and Main Street. Since unveiling plans in August to develop MGM Springfield, an approximately $800 million world-class residential, retail, dining and entertainment district, MGM Resorts continues to demonstrate a strong commitment to the entire City of Springfield.

Statements in this release that are not historical facts are forward-looking statements involving risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission.  The Company 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 Company's expectations regarding the timing of the referendum and the ability to develop a casino in Springfield. 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 in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company 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.

About MGM Resorts International MGM Resorts International (NYSE: MGM) is one of the world's leading global hospitality companies, operating destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51 percent 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 percent of CityCenter in Las Vegas, which features ARIA resort and casino.

For more information about MGM Resorts International, visit the Company's website at www.mgmresorts.com .

SOURCE MGM Resorts International

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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