MGM Resorts expects ‘rapidly growing free cash generation’ in future

By Devika Patel

Knoxville, Tenn., Feb. 20 – MGM Resorts International plans to maintain a “strong” credit profile and “outstanding” balance sheet, and the company’s management expects good free cash flow generation in the upcoming years.

“We see rapidly growing free cash generation in this company over the next several years,” chairman and chief executive officer James Joseph Murren said on the company’s fourth quarter and year ended Dec. 31 earnings conference call on Tuesday.

That cash will help the company maintain an “outstanding balance sheet.”

“We will make sure that we maintain a very strong credit profile and outstanding balance sheet,” Murren said.

The company’s cash balance as of Dec. 31 was $1.5 billion.

As of Dec. 31, the company had $13 billion of outstanding debt, including $373 million outstanding under its $1.5 billion senior secured credit facility, $2.1 billion outstanding under the $2.7 billion MGP Operating Partnership senior credit facility and $2.3 billion outstanding under the $2.9 billion MGM China credit facility.

MGM Resorts is a Las Vegas-based operator of destination resorts.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.