MGM Resorts (MGM) Sells $500 Million in Six-Year Notes Priced @ 10.25% Yield

These are not a very good deal:

MGM Resorts International, the biggest casino operator on the Las Vegas Strip, sold $500 million of six-year notes as bondholder interest in gambling company debt revives.

MGM will use proceeds to repay some lenders whose commitments expire next year, it said in a statement distributed by PR Newswire. The 10 percent debt yields 10.25 percent, or 8.74 percentage points more than similar-maturity Treasuries, according to data compiled by Bloomberg.