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MGM Resorts Sees 29% Decline In Q1 Revenue

MGM Resorts International (MGM) disclosed in a regulatory filing that it expects net revenue of $2.3 billion in the first-quarter, a 29% decrease from the prior year quarter, due to the continued impact of the outbreak of COVID-19.

The company expects quarterly operating income of $1.3 billion, compared to $370 million in the prior year quarter, primarily driven by a $1.5 billion net gain related to the MGM Grand Las Vegas/Mandalay Bay real estate transaction.

The company projects net income attributable to the company of $807 million, including the gain, compared to net income attributable to MGM Resorts of $31 million in the prior year quarter.

Separately, MGM Resorts said that it proposes to offer $500 million in aggregate principal amount of senior notes due 2025.

The company plans to use the net proceeds from the offering of the notes, for general corporate purposes, including, without limitation, further increasing its liquidity position.

The company may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments.

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