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MGM Resorts International announces increase to profit growth plan target to $400 million

Jun 16, 2016

MGM Resorts International today hosted an Analyst and Investor Day designed to provide insight into the company's operations, strategic goals and commitment to shareholder value through deep-dive presentations and panel discussions, as well as networking opportunities with a broader MGM Resorts leadership team beyond the executive management team.

In connection with its Analyst and Investor Day, the Company announced that as part of its previously announced Profit Growth Plan, it now expects to achieve an annual Adjusted EBITDA benefit of $400 million by the end of 2017 which is an increase from its previously announced target of $300 million. Additionally, the Company shared certain financial guidance for Adjusted EBITDA growth through 2019 as well as projected free cash flow for 2017 and 2018.

"We have made tremendous progress to date since announcing our Profit Growth Plan less than one year ago," said Jim Murren, Chairman and CEO of MGM Resorts. "We initially set an ambitious goal and are pleased that our employees are engaged and focused on permanently changing how we operate our business to maximize profitability through innovation and continuous improvement."

Mr. Murren acknowledged that this increase to the previously announced target was the result of the teamwork and collaboration by the Company's employees. Their focused efforts and full engagement led to significant change and the implementation of operational efficiencies across the Company.

In addition, the following members of executive management and the leadership teams gave presentations on the Company's operations, strategic goals and other topics: Jim Murren, Chairman & CEO, Corey Sanders, COO, Chris Nordling, President Corporate Entities, Lili Tomovich, Chief Experience Officer, Bill Hornbuckle, President and Dan D'Arrigo, EVP & CFO. In addition, presentations were given on MGM China by Grant Bowie, CEO of MGM China Holdings Limited and MGM Growth Properties LLC ("MGP") by James Stewart, CEO of MGP.

MGM Resorts International announces increase to profit growth plan target to $400 million

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