MGM Resorts International has completed a $750 million debt offering which the gaming giant said “demonstrates the continued confidence our investors have in our long-term business outlook.”
The offering, which started out at $500 million and comes due in 2028, is earmarked for “general corporate purposes” that could include refinancing existing debt or investing in short-term interest-bearing accounts or securities.
“The successful execution of this upsized offering at a favorable rate further solidifies our financial flexibility,” CFO Corey Sanders said in a statement.
The Las Vegas-based gaming giant had $11.4 billion in total debt as of the end of June, including $3.7 billion associated with its ownership of real estate investment trust MGM Growth Partners and $2.5 billion with its Macau operating subsidiary, MGM China.
In August, investment giant IAC/InterActiveCorp acquired a 12 percent stake in the company, and IAC Chairman and Senior Executive Barry Diller and CEO Joey Levin joined the board of directors in a move seen as a strategy for boosting MGM’s presence in the digital gaming space.
BetMGM, a 50-50 joint venture with UK-based GVC Holdings, is currently live with online sports betting in eight U.S. states and expects to expand into three more this year and another nine by 2021.
