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Dividend Policy
−Removed: The Company implemented a dividend program in February 2017 pursuant to which it has paid regular quarterly dividends.
−Removed: In the second quarter of 2020 the Company reduced its annual dividend to $0.01 per share in light of the impact of the COVID-19 pandemic on its operations at that time.
−Removed: The Company has maintained an annual dividend of $0.01 per share throughout 2021.
−Removed: The amount, declaration and payment of any future dividends will be subject to the discretion of our Board of Directors who will evaluate our dividend policy from time to time based on factors it deems relevant, and the contractual limitations described below.
−Removed: In addition, as a holding company with no independent operations, our ability to pay dividends will depend upon the receipt of cash from our operating subsidiaries to generate the funds from operations necessary to pay dividends on our common stock.
−Removed: Furthermore, our senior credit facility contains financial covenants and restrictive covenants that could restrict our ability to pay dividends, subject to certain exceptions.
−Removed: In addition, the Operating Partnership and MGM China credit facilities each contain limitations on the ability of the applicable subsidiary under each credit agreement to pay dividends to us.
−Removed: There can be no assurance that we will continue to pay dividends in the future.
+Added: We implemented a dividend program in February 2017 pursuant to which it has paid regular quarterly dividends.
+Added: In the second quarter of 2020, we reduced our annual dividend to $0.01 per share in light of the impact of the COVID-19 pandemic on our operations at that time.
+Added: We maintained an annual dividend of $0.01 per share throughout 2022.
+Added: On February 8, 2023, we announced that the Board of Directors has determined to suspend the ongoing dividends in light of our current preferred method of returning value to shareholders through our share repurchase plan.
+Added: To the extent we determine to reinstate the dividend in the future, the amount, declaration and payment of any future dividends will be subject to the discretion of our Board of Directors who will evaluate our dividend policy from time to time based on factors it deems relevant, and the contractual limitations described below.
Purchases of Equity Securities by the Issuer
−Removed: The following table provides information about share repurchases made by the Company of its common stock during the quarter ended December 31, 2021:
+Added: The following table provides information about share repurchases of our common stock during the quarter ended December 31, 2022:
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of a Publicly Announced Program Dollar Value of Shares that May Yet be Purchased Under the Program
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December 1, 2022 — December 31, 2022 3,700,000 $ 34.61 3,700,000 $ 475,049
−Removed: In February 2020, upon substantial completion of the May 2018 $2.0 billion stock repurchase program, the Company’s Board of Directors authorized a $3.0 billion stock repurchase program.
−Removed: Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements.
−Removed: Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be purchased when the Company might otherwise be precluded from doing so under insider trading laws.
+Added: In March 2022, we announced that the Board of Directors authorized a $2.0 billion stock repurchase plan and in February 2023, we announced that the Board of Directors had authorized a $2.0 billion stock repurchase plan.
+Added: Under the stock repurchase plans, we may repurchase shares from time to time in the open market or in privately negotiated agreements.
+Added: Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be purchased when we might otherwise be precluded from doing so under insider trading laws.
The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.
−Removed: All shares repurchased by the Company during the quarter ended December 31, 2021 were purchased pursuant to the Company’s publicly announced stock repurchase programs and have been retired.
+Added: All shares we repurchased during the quarter ended December 31, 2022 were purchased pursuant to our publicly announced stock repurchase plans and have been retired.
PERFORMANCE GRAPH
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.