MGM Announces Consent Solicitation; Seeks to Amend Change of Control Definition if Tracinda/Group Cease to Own 15% of Shares

MGM Resorts International (NYSE: MGM) announced today that it has commenced a consent solicitation with respect to a proposed amendment to the indenture governing its 10.375% Senior Secured Notes due 2014 and 11.125% Senior Secured Notes due 2017.

The Company is soliciting consents from holders of record as of 5:00 p.m., New York City time, on April 10, 2012 to amend the definition of "Change of Control" by removing from the definition the occurrence of a Change of Control event if Tracinda Corporation and its affiliates cease to collectively own more than 15% of the Company's outstanding common stock. As a result of the proposed amendment, if Tracinda Corporation and its affiliates cease to collectively own more than 15% of the Company's common stock, this will not constitute a "Change of Control" under the indenture and the Company will not be required to make an offer to each holder of the Notes to repurchase such holder's Notes for 101% of the principal amount thereof plus accrued and unpaid interest.

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