SP+ Enters Las Vegas Parking Market

March 23, 2016



SP+ Enters Las Vegas Parking Market

Strategic Alliance With MGM Resorts International Results In Parking Management Of 40,000 Spaces Along Vegas Strip

CHICAGO, March 23, 2016 (GLOBE NEWSWIRE) — SP Plus Corporation (SP+), (Nasdaq:SP), a leader in parking management, ground transportation and ancillary services, today announced an alliance with MGM Resorts International (NYSE:MGM) to assume management of parking facility operations at MGM’s Las Vegas resorts.

SP+ will operate approximately 40,000 parking spaces located in 12 premier resort properties that are among the largest in the world — such as Bellagio, MGM Grand Las Vegas, Mandalay Bay, Delano, Luxor, Excalibur, and ARIA Resort & Casino — all situated along the famous Las Vegas Strip. In addition to serving resort guests, the spaces will accommodate spectators attending the Strip’s newly constructed, 20,000 seat T-Mobile Arena entertainment, special event and sports complex that is scheduled to open next month.

“SP+’s alignment with MGM Resorts is a natural fit,” commented Marc Baumann, Chief Executive Officer at SP+. “We serve more four and five diamond luxury properties, hotels and resorts than any of our competitors, so our ability to deliver impeccable, service-oriented parking services for large-scale events and high-end hotel brands matches MGM’s goal to elevate the overall resort experience for their guests.”

While SP+ operates in hundreds of cities across North America, the MGM Resorts contract marks the parking industry leader’s entry into the Las Vegas market. “We’re excited at this opportunity to come to Las Vegas and take on this prestigious project with MGM Resorts,” stated Robert M. Toy, President of Urban Operations at SP+. “We are especially eager to welcome the MGM Resort valet staff as valued members of our team, since we believe merging their many years of knowledge in the Las Vegas market with SP+’s nationwide expertise will create a powerful force in this market. Together we can provide a higher level of customer service and a heightened resort experience.”

SP+ provides professional parking, ground transportation, facility maintenance, security, and event logistics services to property owners and managers in all markets of the real estate industry. The Company has approximately 22,000 employees and operates approximately 3,900 parking facilities with 2.0 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 70 airports. USA Parking System, a wholly owned subsidiary, is one of the premier valet operators in the nation. The Company’s ground transportation division transports approximately 40.2 million passengers each year; its facility maintenance division operates in dozens of U.S. cities; and it provides security services in several states. The Company also provides a wide range of event logistics services. For more information, visit www.spplus.com.