Caesars and MGM outline shelf offering filings and CityCenter registration updates before Nevada Gaming Commission

CARSON CITY (FOX5) — During the Nevada Gaming Control Board’s monthly meeting on July 23, regulators approved routine filings for MGM Resorts International and Caesars Entertainment, while board members used the public meeting to ask questions about bigger corporate changes discussed during the hearing.

Caesars: approval to keep a financing option ‘ready to use’

Caesars asked regulators to approve a continuous or delayed public offering — basically paperwork that keeps a company’s financing options ready to use if something comes up later.

In plain terms, it’s like having fundraising tools on standby — approved ahead of time, even if there’s no immediate plan to use them.

During the meeting, Caesars’ representatives said the request is made under Nevada Gaming Commission regulations, and pointed to Caesars’ status as a publicly traded company with securities listed on a national exchange and required SEC filings.

Commissioners also discussed the pending Fertitta-related deal and the steps that still have to happen, including filings in multiple jurisdictions and a required proxy statement as part of the shareholder process. Caesars officials said the company’s day-to-day management team is expected to stay in place, even if the ownership and governance structure changes after closing.

MORE ON FOX5: Caesars Entertainment, a Las Vegas Strip icon, is sold for $5.7 billion to Fertitta

MGM: renewing its ‘financing on standby’ filing; fixing CityCenter paperwork

MGM representatives were also before regulators on a renewal of similar paperwork — a filing the company renews on a regular cycle that keeps financing options on standby.

Commissioners asked MGM representatives questions connected to the larger transaction referenced during the meeting and how that might affect parts of MGM’s business. MGM representatives indicated that some answers would come through public company disclosures, including an upcoming earnings call.

In a separate agenda item, MGM and related entities addressed CityCenter paperwork. MGM’s counsel said a previously planned CityCenter-related transaction didn’t happen, so the company now needs to:

• bring MGM CC Holdings back into Nevada’s order of registration (the state’s official regulatory roster), and
• clean up ownership percentages between Project CC, LLC and MGM CC Holdings.

MGM’s representatives said the entities involved are ultimately owned by MGM Resorts International, and that CityCenter has been 100% MGM-owned since a prior investor exited the investment.

MORE ON FOX5: People Inc. proposes $18 billion buyout of MGM Resorts

Bottom line

Most of what regulators approved was financial and registration paperwork— but commissioners signaled they’re watching the larger ownership changes closely and expect more details through future disclosures and approvals.