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MGM Resorts Agreeing to Sell Its Bellagio Las Vegas; Novomatic Acquires 9th Casino in Slovenia

MGM Resorts Agreeing to Sell Its Bellagio Las Vegas; Novomatic Acquires 9th Casino in Slovenia
Major stakeholders in the gambling industry have been very active lately

One of the most reputable casino operators in the United States, MGM Resorts Limited has agreed to sell its landmark Bellagio Las Vegas property to one private equity company, Blackstone Group LP. MGM Resorts International is a global entertainment and hospitality company that operates a number of luxurious resorts in Detroit, Mississippi, Las Vegas New Jersey, and Maryland.

These include Bellagio, MGM Grand, Park MGM, and Mandalay Bay. The company also has a majority stake in the MGM China Holdings Limited company as well as in MGM Growth Properties. When it comes to its Bellagio Las Vegas facility, it is located on the Las Vegas Strip. The luxurious property opened its doors more than twenty years ago in October of 1998.

The Bellagio Las Vegas Hotel and Casino was built on the demolished property of Dunes Hotel and Casino. The facility is inspired by the stunning Lake Como in Bellagio, Italy. It is famed for its remarkable elegance and of course, its notable features including a massive, eight-acre lake which is situated between the Strip and the main building. The property also has a stunning dancing water fountain, as well as loads of other notable features.

MGM Resorts International to Receive a Cash Infusion

As it was reported by the company’s officials several days ago, the facility’s owner MGM Resorts Limited will soon receive a massive cash infusion equaling around $4.2 billion as the company’s officials agreed to sell its Bellagio property to Blackstone Group LP earlier this month. The first rumors regarding this move surfaced in September following the MGM Resorts International’s decision to offload its famed Circus Circus Las Vegas property to a private entity that is fully controlled by the individual who also controls the Treasure Island Las Vegas facility.

According to the Las Vegas Journal, this latest lease-back business agreement between MGM Resorts International and Blackstone Group LP will see the Las Vegas-based company continue to manage all operations within the Las Vegas facility. It should be noted that Bellagio Las Vegas is one of the most profitable facilities of this kind in Nevada. In order to remain managing operations within the facility, MGM Resort International agreed to pay an annual rent of around $245 million.

Novomatic Acquiring Casino Rivera in Slovenia

In the meantime, another reputable casino operator has expanded its business operations. As it was reported several days ago, Austria-based company Novomatic has just acquired Casino Rivera located in Portorož, Slovenia. With this move, the company brought the number of fully licensed casinos that it owns and operates in this European country to nine. The latest Novomatic purchase was revealed by the Delo and Dnevnik daily newspaper.

The Rivera Hotel and Casino facility is located on the Adriatic coast. Currently, the casino floor offers more than one hundred and eighty gaming positions including electronic roulette games, slots and more. Before this move, Novomatic has expanded its Slovenia-based holdings in June as well after acquiring Casino Princess which was partially owned by the Princess Group International company.

Moreover, over the past several years the Gumpoldskirchen-based company has also acquired many other facilities including Casino Lev located in Ljubljana, and Kongo Casino located near Grosuplje. The Austria-based company also manages luxurious gaming parlous including Casino Joker located in Maribor and Casino Tivoli situated in Lesce along with hotels and casinos in several other Slovenian cities.

Novomatic is one of the biggest gaming technology firms in the world owned by Johann F. Graf who established this gaming behemoth back in 1980. Today, this international company employs over 30,000 individuals in more than fifty countries.

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