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Commission approves MGM pledge and Park MGMgaming salon after debate over surveillance and patron consent
Summary
The Nevada Gaming Commission unanimously approved MGM Resorts' pledge related to new Sumitomo financing and Park MGM's application for a mixed-use private gaming salon that also houses a turnkey video production suite. Commissioners pressed MGM and Park MGM on collateral, Nevada domiciling of pledged certificates, signage and consent for recorded public spaces.
The Nevada Gaming Commission on March 26 approved an amendment to MGM Resorts International's registration to accommodate a new Sumitomo Mitsui loan and cleared Park MGM's application for a private gaming salon that doubles as a video production suite for streamers and influencers.
MGM counsel Sean McInness told the commission the Sumitomo facility mirrors existing Bank of America financing and will share collateral on a pari passu basis with the bank; he said the most recent outstanding balance on the Sumitomo facility was about $375 million as of year-end. Commissioners probed whether any lender would be senior to another, how pledged LLC certificates would be domiciled for Nevada enforcement, and how an "accordion" funding feature could be triggered for MGM's overseas construction project.
Park MGM's vice-president legal, Chandler Pole,…
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