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Board backs MGM financing amendment tied to Osaka project; $375 million balance noted
Summary
The board recommended approval of amendments to MGM Resorts’ order of registration and pledge documents tied to a yen‑denominated financing; counsel told the board the loan balance was $375,000,000 as of Dec. 31 and said lenders share collateral pari passu.
The Nevada Gaming Control Board on March 11 recommended approval of amendments to MGM Resorts International’s order of registration and related pledge documents for financing that supports the company’s Osaka project.
Sean McGinnis, counsel for MGM, told the board the transaction—originally entered with Sumitomo Mitsui Banking Corporation in October—was denominated in Japanese yen and translates to U.S. dollars. He said the balance as of Dec. 31 was $375,000,000 and that the financing documents and pledge mechanics closely mirror an earlier Bank of America transaction previously approved by the board and commission.
McGinnis explained a new intercreditor agreement ties the Bank of America financing and the Sumitomo financing together on a pari‑passu basis so neither lender would jump ahead of the other in the event of default. Board members pressed for practical clarity on defaults and confirmed the Osaka development remains on an approximately four‑year timeline.
Member Sandahl moved the recommendation to approve the registration amendment and pledge approvals pursuant to the draft order dated Feb. 23, 2026, with standard conditions in the order. Judge Assad, enforcement and audit deputies and the board said agents’ reports showed no areas of concern. The motion passed and will be forwarded to the Nevada Gaming Commission.
The recommendation includes the standard requirement that certificates and pledged‑interest paperwork be provided in Nevada, and that administrative approval be obtained should William Hill Nevada or similar licensees convert kiosk/manned operations in the future (as applicable in related agenda items).
