MGM Resorts International will pay an $87 million exit fee to leave NV Energy


Posted on the 24th of May 2016

MGM Resorts International will pay an $87 million exit fee to leave NV Energy

MGM Resorts International has filed paperwork with the Public Utilities Commission of Nevada to stop buying electricity from NV Energy in an effort to find cleaner, cheaper power on the open market. NV Energy is owned by Warren Buffett’s Berkshire Hathaway Inc.

“It is our objective to reduce MGM’s environmental impact by decreasing the use of energy and aggressively pursuing renewable energy sources. After careful thought and analysis over many months, we have concluded our objectives are best met by purchasing the energy required to operate our resorts … from a source other than NV Energy.” wrote John McManus, MGM’s executive vice president.

Las Vegas Sands and Wynn Resorts are also considering leaving NV Energy, but their exit fees of $24 million and $16 million are proving to be quite costly.

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