MGM Resorts completes sale of Grand Victoria Casino

(PRESS RELEASE) -- MGM Resorts International today announced that it, together with its venture partner, had completed the previously announced sale of Grand Victoria Casino - Elgin in Illinois, of which a subsidiary of the Company owned a 50% interest, to Eldorado Resorts for $327.5 million in cash, subject to a customary working capital adjustment.

MGM Resorts received its 50% share of the net proceeds after certain transaction costs, or approximately $162 million.

"We thank the employees of Grand Victoria Casino, who have made it a tremendous success over the years, and wish them all the best in the future," said Dan D'Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts.

The Company acquired its 50% interest in Grand Victoria Casino in connection with its acquisition of Mandalay Resorts Group in 2005.