MGM Resorts to make $750m public offering

MGM is offering $750m worth of senior notes.
MGM is offering $750m worth of senior notes.

The casino operator intends to use the proceeds from the public offering for general corporate purposes.

US.- MGM Resorts International has announced it will make a public offering of $750m worth of senior notes due 2028.

The offering, which was originally set at $500m, is a bid to counteract some of the economic difficulties the company faces due to the Covid-19 pandemic.

The Nevada-based casino operator said it intends to use the proceeds from the public offering for general corporate purposes.

In a filing to the US Securities and Exchange Commission, the company said: “During this time, we have remained committed to managing our expenses to maintain our robust liquidity position.” 

Although the transaction is dependant on customary closing conditions, it is expected to close on October 13.

MGM is not the only gaming operator to turn to public offerings in the aftermath of the pandemic. DraftKings announced an offering earlier this week through which it hopes to raise $1.03bn.