LAS VEGAS, March 24, 2017 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that the CityCenter Board of Directors approved a
$250 million dividend consisting of
a $172 million special dividend and a $78
million dividend as part of its annual dividend
policy. The $250 million
dividend will be paid in the second quarter.
"CityCenter continues to demonstrate meaningful operating
leverage, led by Aria, which produced record financial results in
2016," said Jim Murren, Chairman and
Chief Executive Officer of MGM Resorts International and Chairman
of CityCenter. "The Board believes the strong free cash flow
profile of CityCenter coupled with its low leverage will continue
to provide opportunities to maximize shareholder returns for
its owners."
About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of
MGM Resorts International and 50% owned by Infinity World
Development Corp (a wholly owned subsidiary of Dubai World), is an
urban mixed-use development on the Las Vegas Strip that includes
ARIA Resort & Casino, a 4,004-room casino resort; Mandarin
Oriental Las Vegas, a 392-room non-gaming boutique hotel with 225
luxury condominium residences; Vdara Hotel and Spa, a 1,495-room
luxury hotel-condominium; and the Veer Towers, which contain 669
luxury condominium residences. CityCenter opened
in December 2009.
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties. Forward-looking statements are based 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 timing and payment of
dividends to its shareholders. 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 companies operate 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.
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SOURCE MGM Resorts International