In light of the material unforeseen and unprecedented volatility in the financial markets, MGM Resorts International (“MGM Resorts” or the “Company”) is providing the following update on its results for the first two months of the year, the impact of COVID-19 on its operations and an overview of the steps it is taking to help minimize the financial impact.
“At MGM Resorts, we are committed to doing our part to mitigate the spread of COVID-19, including the closure of our properties across the United States,” said Bill Hornbuckle, Acting CEO and President of MGM Resorts. “While this will undoubtedly have a significant negative effect on our business in the near term, we are well-positioned to emerge from the current crisis in light of our strong liquidity position and valuable asset portfolio. With the continued execution of the MGM 2020 plan, as well as the implementation of aggressive cost savings initiatives, we believe the Company will be able to manage its expenses while navigating this unprecedented event. We are currently making very difficult decisions but believe these will be in the best interest of the Company long term.”
Mr. Hornbuckle further addressed the state of the business in a video message to employees which can be found on the MGM Resorts website at www.mgmresorts.com/COVID19update.