ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On June 23, 2022, MGM Grand Paradise, S.A. ("MGM Grand Paradise"), a subsidiary of MGM China Holdings Limited, an indirect majority-owned subsidiary of MGM Resorts International entered into an Addendum to the Sub-concession Contract for the Operation of Games of Fortune and Chance or Other Games in Casino in the Macao Special Administrative Region (the "Extension Contract") with SJM Resorts, S.A. ("SJM") pursuant to which the gaming sub-concession of MGM Grand Paradise, which is due to expire on June 26, 2022, would be extended to December 31, 2022. In connection with the extension, MGM Grand Paradise will pay the government of Macau MOP47 million (equivalent to approximately HK$45.64 million or US$5.81 million) as contract premium for such extension.

Pursuant to the Extension Contract, MGM Grand Paradise is also required to provide a bank guarantee in an amount of not less than MOP880 million (equivalent to approximately HK$854.52 million or US$108.87 million) to the government of Macau within three months from the date of signing the Extension Contract to warrant the fulfillment of labor debts upon the expiration of the Extension Contract. The Macau Government may require an increase in the amount of the guarantee, depending on the actual number of employees employed by MGM Grand Paradise.

In addition, in connection with the Extension Contract, MGM Grand Paradise executed an undertaking to the Macau Government pursuant to which the casino areas of the MGM Cotai property and the casino areas of the MGM Macau property will be reverted, free of charge and without any encumbrances, to the Macau Government, at the end of the extended sub-concession period on December 31, 2022. The reversion of casino areas is required under the Macau Law No. 16/2001 (Legal Framework for the Operations of Games of Fortune and Chance in a Casino) and in compliance with the terms of the Extension Contract.

This description of the Extension Contract is qualified in its entirety by reference to the full text of the Extension Contract attached hereto as Exhibits 10.1.

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

(b) On June 20, 2022, Tilak Mandadi, the Company's Chief Strategy, Innovation and Technology Officer resigned from the Company to pursue other opportunities. Mr. Mandadi will remain an employee of the Company through July 15, 2022.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS



(d) Exhibits:

Exhibit
Number               Description

10.1            Addendum to the Sub-concession Contract, dated June 23, 2022, between SJM Resorts,
              S.A. and MGM Grand Paradise, S.A.
104           Cover Page Interactive Data File (embedded within the Inline XBRL document).

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses