First Las Vegas Pool Party Since Reopening, Face Masks and Bikinis All Around - TMZ

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First Las Vegas Pool Party Since Reopening, Face Masks and Bikinis All Around - TMZFirst Las Vegas Pool Party Since Reopening, Face Masks and Bikinis All Around - TMZPosted: 05 Jun 2020 02:22 PM PDT The Flamingo's making a splash by becoming Las Vegas' first hotel and casino to throw a pool party since the city reopened -- but things look eerily different.Like several other casinos on the Strip, the Flamingo opened its doors Thursday after a 78-day closure for the coronavirus pandemic. The pool was open too -- but check out the pics ... it's far from the packed scene you'd expect this time of year. Word's still getting out, clearly, that Sin City's open for biz.Lifeguards and hotel personnel were wearing masks and gloves -- and frequently sanitized surfaces. Obsessively keeping things clean is probably a comfort for those itching to get back to normal.Interestingly, the staff wore face coverings, but very few guests. Nor were they socially distancing as they lin…

“MGM Resorts gains $700M from deal with landlord - Las Vegas Review-Journal” plus 2 more

“MGM Resorts gains $700M from deal with landlord - Las Vegas Review-Journal” plus 2 more


MGM Resorts gains $700M from deal with landlord - Las Vegas Review-Journal

Posted: 18 May 2020 02:42 PM PDT

MGM Resorts International has cashed in on $700 million worth of operating partnership units with its affiliated real estate investment trust, MGM Growth Properties.

The move gives MGM Resorts more liquidity amid the COVID-19 pandemic. Acting CEO and President Bill Hornbuckle said he's optimistic that future redemptions will occur at higher prices; MGM Resorts has until February 2022 cash out on another $700 million worth of units through its agreement with the REIT.

"As we gear up to reopen and safely welcome our guests once again at our properties across the U.S., maintaining a strong balance sheet and preserving our financial flexibility remain critical pillars of long-term success," Hornbuckle said in a Monday news release.

As of March 31, MGM Resorts had roughly $5.3 billion in cash and cash equivalent, not including MGM China and MGM Growth. In a Monday note, J.P. Morgan analyst Joseph Greff estimated MGM Resort's liquidity position stands at $5.8 billion total after this transaction.

MGM Growth owns the land underneath several MGM Resorts properties, including Mandalay Bay, The Mirage and the MGM Grand.

The REIT has redeemed 30.3 million of MGM Resorts' operating partnership units for $700 million, using cash on hand to fund the redemption.

After the transaction, MGM Growth is left with more than $1 billion of liquidity.

MGM Resorts said it plans to use the $700 million in proceeds to repay money drawn under its revolving credit facility. It will have roughly 172 million units after the transaction, leaving it nearly 57 percent economic ownership of MGM Growth. The company previously had a 61 percent stake in the REIT.

According to a Monday news release, MGM Growth expects to increase its regular dividend to an annualized $1.95 per share after this deal, up 5 cents from the prior rate. This would be the 11th time the company has increased its quarterly dividend in four years.

"We are pleased with the benefits this transaction brings to MGP and our shareholders," said James Stewart, CEO of MGM Growth. "This transaction also creates an even stronger liquidity position for our tenant, MGM Resorts, reinforcing our confidence in the stability of our revenue stream and the strength of our business model."

Greff said he thinks it's a positive move for MGM Growth, but views the deal as "largely neutral" for MGM Resorts.

While the deal bolsters MGM Resort's "already strong" cash position, he said MGM Resort's cash burn goes up slightly due after this deal due to "the lower expected (MGM Growth) dividend."

MGM Resorts shares closed up 10.5 percent to $15.31 early Monday afternoon, before the transaction was made public. MGM Growth shares closed up 5.7 percent to $24.19.

Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.

MGM Resorts CEO Says Las Vegas Strip Reopening Will Start With Two or Three Casinos - The Wall Street Journal

Posted: 30 Apr 2020 04:53 PM PDT

Once the Las Vegas Strip is cleared to reopen, MGM Resorts International will open two or three of its casinos, including the flagship Bellagio, as part of a gradual relaunch, acting Chief Executive Bill Hornbuckle told Wall Street analysts.

MGM Resorts, the biggest operator on the Strip with about a dozen properties, will have the Bellagio to compete with other high-end properties reopening at the same time, Mr. Hornbuckle said, and the New York-New York casino could be chosen as a lower-priced offering. Casinos will open...

MGM plans to reopen by early June, releases health safety plan - Las Vegas Review-Journal

Posted: 12 May 2020 08:03 AM PDT

MGM Resorts International said Tuesday it plans to reopen its Southern Nevada resort properties by early June and released a seven-point safety plan.

"If our counts stay reasonably low and things don't escalate, we'll be opening the casinos sometime late this month, first part of June," MGM's Acting CEO and President Bill Hornbuckle said during an interview on NBC's "Today" show.

The plan, developed after consulting with Dr. Shannon Magari, vice president of health sciences for Colden Corp., an occupational health, safety and environmental firm, will require MGM employees to be screened and to wear masks while on the job.

Guests will be "strongly encouraged" to wear masks in public areas and will be asked questions about their exposure to the virus. If they believe they've been exposed, they will be urged to follow Centers for Disease Control and Prevention guidelines for self-quarantine and not travel.

"Vegas done safely, I think, is still Vegas. … It will be different, but we still think it will be meaningful, we still think people can come enjoy pools, resorts, fine dining, but we think we can do it in a safe manner," Hornbuckle said.

MGM's seven-point safety plan includes:

Screening, temperature checks and employee training

The company has implemented employee-screening measures to assess signs and symptoms of infection and whether the employee resides with or cares for someone who has recently been diagnosed with the virus. Employees will continue to go through temperature checks before entering properties.

Masks

They'll be required of employees and they'll be offered for free to guests. Gloves will continue to be worn by employees who require them to do their jobs, including food handlers and employees who clean public areas. Experts are being consulted on the use of other personal protective equipment for some employees. Guests will be asked not to eat on the casino floor and to minimize the amount of time they remove their masks to drink.

Physical distancing

A 6-foot physical distancing policy will be in place, where feasible, with floor guides serving as reminders throughout the properties. Plexiglass barriers and other eye protection will be installed in areas throughout casinos and lobbies. Guidelines established by gaming regulators will be applied on casino floors with limited seating at table games, every other slot machine deactivated and other seats removed from in front of machines.

Hand-washing and enhanced sanitization

The company had already implemented guidelines for high-touch surfaces. It will continue using proven cleaning products in accordance with Environmental Protection Agency guidelines for coronaviruses, bacteria and other infectious pathogens.

Heating, ventilation and air conditioning controls and air quality

The company is continually updating the effectiveness of its HVAC systems.

Incident response protocols

If a guest becomes sick while visiting, the company will activate incident response protocols to ensure the infected individual has access to medical treatment, exposed areas are thoroughly sanitized and, when possible, notify those who may have come in close, prolonged contact with the infected individual. MGM has medical and security personnel on staff to respond quickly in the event of an incident.

Digital innovations

The company is continuing to explore touch-free processes for check-ins and restaurant reservations with the MGM Resorts mobile app and the use of a cellphone. That includes the ability to process payment, verify identification and obtain a digital room key, all through a mobile device. If preferred, physical keys will be available through self-serve key encoders and employees will be available for guests who prefer check-in without using a mobile device while still maintaining a line-reduced environment. Digital menus will be available to view on personal mobile devices via QR codes, and virtual queues will be in place for guests when immediate seating is unavailable. Guests will receive a text message notification when their table is ready.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.

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