MGM shares were up 2.7 percent after having gained about 35 percent up to Wednesday’s close this year. MGM Growth also owns The Park and T-Mobile Arena, as well as the casino company’s seven regional casinos. MGM’s purchase price for Cit圜enter values the complex at about $5.8 billion, including net debt of $1.5 billion. The deals are expected to close in the third quarter. “We expect to continue executing on our asset-light strategy and utilizing the proceeds from our real estate transactions to.secure new growth opportunities,” MGM Resorts Chief Executive Bill Hornbuckle said.īlackstone will lease the Aria and Vdara properties to MGM for an initial annual rent of $215 million, the company said. The deal is part of MGM’s ‘asset light’ strategy to generate cash by selling real estate and use it for growth avenues such as sports betting and casino development in Japan. The venture, Cit圜enter Holdings, is an urban complex comprising Aria Resort and Casino and Vdara Hotel and Spa.Īfter buying it from Infinity World Development Corp, MGM said it will sell the two properties to private equity firm Blackstone for $3.89 billion in cash. LAS VEGAS: MGM Resorts will buy the remaining 50 percent stake in its joint venture on the Las Vegas Strip from a unit of investment firm Dubai World for $2.12 billion, the US casino operator said on Thursday.
