MGM Resorts tells customers it’s not associated with MGM Studios
MGM Resorts International doesn't want its customers and especially its shareholders to be confused, so the hospitality company issued a statement Thursday clarifying that it was not associated with MGM Studios.
"MGM Studios is a completely separate entity with no common ownership," the company said. "MGM Studios, a privately held, independent company, filed for bankruptcy. The filing has no impact whatsoever on MGM Resorts International."
The statement comes after Metro-Goldwyn-Mayer, the home of James Bond, reached a deal with billionaire Carl Icahn on Wednesday, regarding its pre-packaged bankruptcy. The movie studio's lenders will trade about $4 billion in debt for stock in a new company, valued around $2 billion.
As for MGM Resorts, the Las Vegas-based company reported a third-quarter net loss of $318 million, or 72 cents a share, compared with a loss of $750.4 million, or $1.70 a share, for the same period last year.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
