MGM Resorts (MGM), Infinity World Development Announce CityCenter Approval of Special Dividend, New Dividend Policy

MGM Resorts (NYSE: MGM) and Infinity World Development Corp, announced a special dividend and the adoption of an annual distribution policy by CityCenter Holdings, LLC ("CityCenter"). CityCenter approved a $400 million special dividend, which will be paid on or about April 30, 2015. The owners will each receive $200 million, representing their pro rata share. In addition, CityCenter has approved the adoption of a regular dividend policy pursuant to which it will make annual distributions of up to 35% of excess cash flow subject to approval by the CityCenter board of directors.

"CityCenter is a rapidly appreciating asset and has demonstrated significant operating growth since opening," said Jim Murren, Chairman and CEO of MGM Resorts International and Chairman of CityCenter. "Both members believe that CityCenter's strong financial position and future free cash flow profile firmly positions it to begin to return capital to its shareholders."

"We are pleased that the improving Las Vegas hospitality market and increased recognition of the attributes of Aria and CityCenter has enabled us to announce this distribution to the shareholders," said Bill Grounds, President and COO of Infinity World Development Corp.

CityCenter is an urban mixed-use development on the Las Vegas Strip that includes ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room non-gaming boutique hotel with 225 luxury condominium residences; Crystals, a retail and entertainment district consisting of approximately 355,000 square feet of leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences. CityCenter opened in December 2009. For more information about CityCenter, visit the development's website at: www.citycenter.com.

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