Boston, MA 10/02/2014 (wallstreetpr) – According to reports, MGM Resorts International (NYSE:MGM) has announced today about the new secure financing option that it has come up with, in order to ensure smooth construction work for Las Vegas Arena. As per the information, MGM and AEG have finalized total $200 million bank facility for construction and development of 20,000 seat arena.
Insights of the matter:
The new 20,000 seat arena is located between Monte Carlo and New York resorts on west side of the Las Vegas Strip. The new privately funded world class seat arena worth of $375 million is currently under construction and will take some more time to get ready for occupation. If everything goes fine, then it will be ready by the spring of 2016. Management officials of MGM Resorts International (NYSE:MGM) and AEG are very delighted after arranging secure financing for new Las Vegas Arena. According to Dan Beckerman, CEO and President of AEG, the entire management team of MGM and AEG is pleased announce new financing. It would not have been possible without the support of financial partners who trusted on credibility of AEG and MGM. Only because of help of those people, both the company companies could dream of brining world-class arena to Las Vegas. The financing has both the components i.e. equity component and cash component. As per the information shared by Beckerman, the entire development and construction work is covered under the external financing that has been provided to AEG and MGM.
At the same time, Jim Murren, CEO and Chairman of MGM Resorts International (NYSE:MGM) also told reporters that it was a great experience for the company. MGM is proud to arrange complete private funding for this development work, which would surely become one of the top notched destinations in coming days. According to him, it will contribute to MGM’s overall growth and brand image improvement in near future.
