MGM RESORTS INTERNATIONAL ANNOUNCES ACCEPTANCE OF PUBLIC TENDER FOR LEOVEGAS

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LA VEGAS, August 31, 2022 /PRNewswire/ — MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today announced that its tender offer for the shares of LeoVegas AB (publ) (“LeoVegas”) was accepted by 96% of LeoVegas shareholders at the price of SEK61.00 in cash per share, equivalent to a total offering value of approximately $604 millionI. Settlement for Shares is expected to be initiated on or about September 7, 2022.

“The completion of this transaction represents a major milestone for MGM Resorts as we continue our strategy to grow our online gaming footprint around the world,” said the CEO and Chairman of MGM Resorts. Bill Hornbuckle. “We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital games business and maximize the full potential of our omnichannel strategy.”

“Joining forces with MGM Resorts is a major win for LeoVegas and we are excited to begin working with our new teammates to build on the work we have done over the past 10 years,” said LeoVegas Group CEO. Gustaf Hagman. “MGM Resorts is a leading gaming entertainment company and we look forward to leveraging their expertise to pursue our long-term strategic goals.”

Founded in 2011 by Gustaf Hagman and Robin Ramm-EricsonLeoVegas is one of the world’s leading online gaming companies with licenses in nine jurisdictions, primarily in the Nordic countries and the rest of the Europe. LeoVegas generated €394 million in revenue and 46 million euros in adjusted EBITDAii in the twelve months ended June 30, 2022. The company is headquartered in stockholm with major offices in Malta, UK and Milano.

MGM Resorts believes that the acquisition of LeoVegas will provide the company with a unique opportunity to build a large-scale, global online gaming business with the following attributes:

  • Strategic opportunities to accelerate growth and product offerings – LeoVegas’ online casino and sports betting capabilities and strong customer base outside of the United States are expected to further expand MGM Resorts’ presence globally.
  • Experienced online game management team and superior technological capabilities – The LeoVegas management team has demonstrated the ability to develop a robust and scalable technology platform with advanced product offerings.
  • Commitment to continued profitable growth – LeoVegas has been operating profitably as a high-growth platform since 2014. From 2017 to 2021, LeoVegas’ revenue compound annual growth rate was 16%, while maintaining strong profitability. The scale, brands and expertise of MGM Resorts will enable the combined businesses to expand into existing game segments and provide additional opportunities to enter new areas.

Advisors
MGM Resorts has retained Goldman Sachs & Co. LLC. as financial advisor, Advokatfirman Vinge KB and Weil, Gotshal & Manges LLP as legal advisor and Fox Rothschild as gaming advisor in connection with the offer.

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations offering best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment, and a huge range of dining, nightlife and retail offerings. MGM Resorts creates immersive and iconic experiences through its suite of Vegas– inspired brands. The MGM Resorts portfolio includes 33 unique hotel and gaming destinations around the world, including some of the industry’s most recognizable resort brands. The Company’s 50/50 business, BetMGM, LLC, offers online sports betting and gaming in the United States through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion into Asia thanks to the resort opportunity integrated into Japan. Through his “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy, MGM Resorts is committed to creating a more sustainable future, while striving to make a greater difference in the lives of its employees, guests and the communities where it operates. MGM Resorts’ global employees are proud to have their company recognized as one of the World’s Most Admired Companies by FORTUNE® magazine. For more information, visit www.mgmresorts.com. Please also contact us @MGMResortsIntl on Twitter as good as Facebook and instagram.

About LeoVegas Mobile Gaming Group
The vision and position of LeoVegas is “the king of the casino”. The global LeoVegas Mobile Gaming Group offers Casino, Live Casino, Bingo and Sports games. The parent company LeoVegas AB (publ.) is located in Sweden and its operations are mainly located in Malta. The company’s shares are listed on Nasdaq Stockholm. www.leovegasgroup.com

Forward-looking statements
Statements contained in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in public documents filed by the Company with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking words such as “believes”, “expects”, “could”, “may”, “will”, “should”, “seek”, “probable”, “intends”, “plans”, “pro forma”, “projects”, “estimates” or “anticipates” or the negative form of these words and expressions or similar words or expressions which predict or indicate events or trends future and that do not relate solely to historical matters. The Company has based its forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of such statements include, but are not limited to, expectations of the Company regarding the closing of the acquisition and any expected benefits of the acquisition. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and the Company may not be able to The Company does not guarantee not that the transaction or other events described herein will occur as described (or that they will occur at all). These forward-looking statements involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those set forth in such forward-looking statements include risks relating to the Company’s ability to complete the transaction on the terms or in whole described herein, the satisfaction closing conditions, including the receipt of regulatory approvals, to which the completion of the transaction is subject, which could delay or prevent the completion of the transaction, the continued impact of the COVID-19 pandemic on the Company’s business , the effects of economic and market conditions in the markets in which the Company operates and competition with other destination travel locations across United States and globally, the design, timing and costs of expansion projects, risks associated with international operations, permits, licenses, financings, approvals and other contingencies related to growth in new or existing jurisdictions and additional risks and uncertainties described in the Company’s Form 10-K, Form 10-Q and Form 8-K (including any amendments thereto). By providing forward-looking statements, the Company assumes no duty or obligation to update such statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no conclusion should be drawn that it will make additional updates with respect to such other forward-looking statements.

MGM RESORT CONTACTS

Investment community:
ANDREW CHAPMANInvestor Relations Director
(702) 693-8711, [email protected]

Media:
BRIAN AHERNexecutive director of communications
[email protected]

LEOVEGAS CONTACTS

Gustaf HagmanGroup CEO
+46 (0)8 410 367 66, [email protected]

Stephane NelsonGroup Chief Financial Officer
+356 993 942 68, [email protected]

Philip Doftvik, Head of Investor Relations and Corporate Finance +46 (0)73 512 07 20, [email protected]

i Based on 97,652,970 LeoVegas shares outstanding and USD/SEK exchange rate of 9.87.
ii Definition of Adjusted EBITDA per LeoVegas financial reports. The amount was calculated as the sum of the Adjusted EBITDA figures in LeoVegas’ financial reports for the third and fourth quarters of 2021 and the first and second quarters of 2022.

SOURCEMGM Resorts International

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