Global  

MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B

SeattlePI.com Tuesday, 14 January 2020
LAS VEGAS (AP) — MGM Resorts International is selling the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture for about $2.5 billion.

The joint venture includes private-equity and real estate company Blackstone Group and MGM Growth Properties LLC. The joint venture will be owned 50.1% by MGM Growth Properties and 49.9% by Blackstone. It will also acquire the real estate assets of Mandalay Bay from MGM Growth Properties and lease both properties to MGM Resorts for an initial rent of $292 million.

MGM Resorts anticipates cash proceeds of approximately $2.4 billion.

MGM Resorts announced in October that it was selling the real estate of Bellagio to a joint venture with Blackstone for about $4.25 billion. Last month MGM Resort said it closed on the sale of Circus Circus Las Vegas and 37 adjacent acres for $825 million.

The deal announced is targeted to close in the first quarter.
0
shares
ShareTweetSavePostSend
 
Video Credit: Cheddar Inc. - Published
News video: MGM Resorts Will Sell MGM Grand and Mandalay Bay Casinos

MGM Resorts Will Sell MGM Grand and Mandalay Bay Casinos 00:14

MGM Resorts announced it will be selling its MGM Grand and Mandalay Bay casinos in Las Vegas. MGM Grand Las Vegas will be acquired by a joint venture of MGM Growth Properties and Blackstone Real Estate Income Trust for $2.5 billion.

You Might Like


Related videos from verified sources

MGM Grand, Mandalay Bay being sold for $4.6 billion [Video]

MGM Grand, Mandalay Bay being sold for $4.6 billion

MGM Resorts says it will sell MGM Grand and Mandalay Bay on the Las Vegas Strip for $4.6 billion.

Credit: Rumble     Duration: 02:22Published
MGM Resorts, Mandalay Bay being sold for $4.6 billion [Video]

MGM Resorts, Mandalay Bay being sold for $4.6 billion

MGM Resorts says it will sell MGM Grand and Mandalay Bay on the Las Vegas Strip for $4.6 billion.

Credit: KTNV Channel 13 Las Vegas     Duration: 02:21Published
MGM Resorts is Cashing in On Some of Its Hot Las Vegas Real Estate [Video]

MGM Resorts is Cashing in On Some of Its Hot Las Vegas Real Estate

The sale of MGM Grand and Mandalay Bay on the Vegas strip part of MGM's bigger plan to cash out real estate winnings, pay down debt and boost shareholder value.

Credit: The Street     Duration: 01:55Published

Related news from verified sources

MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B

LAS VEGAS (AP) — MGM Resorts International is selling the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture for about...
Seattle Times

MGM sells stakes in MGM Grand and Mandalay Bay casinos

Investment vehicle co-owned by P.E. firm Blackstone buying the properties for $4.6 billion and leasing them back to MGM.
CBS News

MGM Growth, Blackstone REIT to acquire MGM Grand, Mandalay Bay


SeekingAlpha


Tweets about this