MGM Resorts International – ‘SC 13E4’ on 6/17/99 re: MGM Resorts International – EX-99.(A)(6)

On:  Thursday, 6/17/99   ·   Accession #:  944209-99-989   ·   File #:  5-40054

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Tender-Offer Statement — Issuer Tender Offer   —   Schedule 13E-4
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13E4     Tender-Offer Statement -- Issuer Tender Offer          5     29K 
 2: EX-99.(A)(1)  Form of Offer to Purchase Dated June 17, 1999       36    174K 
 3: EX-99.(A)(2)  Form of Letter of Transmittal                       12     55K 
 4: EX-99.(A)(3)  Notice of Guaranteed Delivery                        2     16K 
 5: EX-99.(A)(4)  Form of Letter to Brokers                            2     14K 
 6: EX-99.(A)(5)  Form of Letter to Clients                            2     13K 
 7: EX-99.(A)(6)  Press Release by Mgm Grand Dated June 10, 1999       2     13K 
 8: EX-99.(A)(7)  Form of Summary Advertisement Dated June 17,         3±    18K 
                          1999                                                   
 9: EX-99.(A)(8)  Substitute Form W-9 Tax Guidelines                   4±    16K 
10: EX-99.(A)(9)  Form of Memorandum Dated June 17, 1999               9     34K 
11: EX-99.(G)(1)  Pgs 29-49 of Ex. 13 to Mgm Grand's AR on Form       21    128K 
                          10-K                                                   
12: EX-99.(G)(2)  Pgs 2-14 of Mgm Grand's Quarterly Report            13     67K 
13: EX-99.(G)(3)  Consent of Independent Public Accountants            1      7K 

EX-99.(A)(6)   —   Press Release by Mgm Grand Dated June 10, 1999

EX-99.(A)(6)
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[LETTERHEAD OF MGM GRAND, INC.]                                                 
                                                                  EXHIBIT (a)(6)
--------------------------------------------------------------------------------

MGM Grand Announces $50 Per Share Cash Tender Offer for Up to 6 Million Shares  
   To Complete its 12 Million Share Stock Repurchase Program

  LAS VEGAS.  June 10/PRNewswire/ -- MGM Grand, Inc. (NYSE: MGG) announced
today that its Board of Directors has authorized the Company to purchase up to  
6,000,000 shares of MGM Grand common stock at $50 per share, representing       
approximately 10% of the outstanding shares, exclusive of treasury shares. The  
tender offer will complete the 12,000,000 share repurchase program which was    
previously announced in June, 1998. The offer is expected to commence on June   
17, 1999 and to expire at 5:00 p.m., New York City time, July 23, 1999, unless  
extended by the Company. As of June 9, 1999, MGM Grand had 62,217,548 shares    
outstanding, exclusive of treasury shares. The New York Stock Exchange closing  
price for MGM Grand stock on June 10, 1999 was $43.125 per share.               
     The tender offer will only be made pursuant to the offering materials to be
distributed to MGM Grand's stockholders. Under the terms of the tender offer,   
MGM Grand's stockholders will be given the opportunity to sell up to 6,000,000  
shares of MGM Grand, Inc. common stock at $50 per share.                        
     If more than 6,000,000 shares are tendered, and MGM Grand does not elect to
acquire such additional shares, there will be a proration. The tender offer will
not be contingent upon any minimum number of shares being tendered.             
 The Board of Directors of MGM Grand is not making any recommendation to
stockholders as to whether or not they should tender any shares pursuant to the 
offer.                                                                          
MGM Grand has been informed that its principal stockholders, Tracinda 
Corporation and Kirk Kerkorian do not intend to participate in the tender offer.
However, Mr. Kerkorian has requested MGM Grand to register for sale by him up to
3,894,406 shares of MGM Grand stock, which he owns directly and which is        
approximately the number of shares Tracinda and Mr. Kerkorian could have sold in
the tender offer had they elected to participate and assuming full              
participation. The potential sale of shares by Mr. Kerkorian will be made only  
pursuant to a prospectus. Any such shares will only be sold after completion of 
the tender offer in the open market or through privately negotiated transactions
as market conditions warrant.                                                   
 Assuming the repurchase of 6,000,000 shares by MGM Grand and the public
sale by Mr. Kerkorian of 3,894,406 shares, Tracinda and Mr. Kerkorian would     
collectively own approximately 61% of the outstanding MGM Grand common stock,   
which is approximately the same percentage they currently own.                  
   MGM Grand will finance the tender offer through available cash, cash flow
from operations and, to the extent necessary, its existing credit facility.     

(more)  

EX-99.(A)(6)
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J. Terrence Lanni, Chairman and Chief Executive Officer, said:  "We   
continue to experience strong operating results and maintain one of the         
strongest balance sheets in the industry.  By implementing the final part of our
12,000,000 share repurchase program, we are providing value to those            
shareholders who wish to dispose of a portion of their holdings.  At the same   
time, we have the financial strength to continue to execute our aggressive      
growth strategy."                                                               
     Alex Yemenidjian, President, said:  "Our substantial capital investments in
'The City of Entertainment' in Las Vegas and in our interim casino in Detroit   
are substantially complete and, consequently, we anticipate generating          
significant free cash flow from our Nevada and Detroit operations beginning in  
the fall of this year."                                                         
     MGM Grand, Inc. is an entertainment, hotel and gaming company headquartered
in Las Vegas, Nevada. MGM Grand, Inc. owns and operates: the MGM Grand Hotel and
Casino and New York - New York Hotel and Casino in Las Vegas; Whiskey Pete's,   
Buffalo Bill's and the Primm Valley Resort in Primm, Nevada at the              
California/Nevada border; two championship golf courses in California; the MGM  
Grand Hotel and Casino in Darwin, Australia; and manages casinos in Nelspruit,  
Witbank and Johannesburg, Republic of South Africa. MGM Grand is developing an  
interim casino in Detroit, Michigan, which is anticipated to open in the fall of
1999, followed by the permanent hotel and casino resort thereafter. The Company 
also has announced plans to develop a hotel and casino resort in Atlantic City, 
New Jersey.                                                                     

Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" under the Private Securities   
Litigation Reform Act of 1995 that involve risks and/or uncertainties, including
risks and/or uncertainties as described in the Company's public filings with the
Securities and Exchange Commission.                                             

SOURCE  MGM Grand, Inc.                                                         
-0-                                 06/10/99                          
 /CONTACT:  James J. Murren, Chief Financial Officer of MGM Grand, Inc.,
702-891-3344/                                                                   
    /Company News On-Call:  http://www.prnewswire.com/comp/000725.html or fax,
800-758-5804, ext. 000725/                                                      
(MGG)                                                                 

-0- 

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘SC 13E4’ Filing		Date		First		Last			Other Filings
		7/23/99		1
Filed on:		6/17/99		1					8-K
		6/10/99		1
		6/9/99		1
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