After inking several lease-back business deals for several of its properties, one of the most prominent American resorts and casino operators MGM Resorts International is trying to sell off a pair of its most popular properties in Mandalay Bay and MGM Grand Las Vegas. The sales were reported in a Bloomberg report that quoted an anonymous source.
It was also shared that the Las Vegas-based company has been cooperating with the real estate investment trust funds of the MGM Growth Properties to solicit interested in the two Las Vegas enterprises from operators who have invested in this industry already. Before this move, MGM Resorts International inked a thirty-year lease business deal at the beginning of November.
Circus Circus Las Vegas and Bellagio Las Vegas
According to this lease deal, the company sold its three thousand and nine hundred-room Las Vegas-based Bellagio property to Blackstone Group PL. The property was sold for around $4.2 billion. This business move had been prefaced by a very similar business arrangement worth around $825 million which saw MGM Resorts International selling its Circus Circus Las Vegas property which was offloaded to a real estate entity that is controlled by Phil Ruffin who is also the owner of Vegas’ Treasure Island.
A recent Bloomberg report stated that the company is looking to offload Mandalay Bay and other properties in order to continue with a similar business strategy. The goal of the sales is to free up some liquid cash which will be used for two important projects. The first of the projects is the opening of the Osaka MGM casino while the other is a nationwide sports betting launch, which is finally possible following recent legislative changes.
MGM Grand Las Vegas and Mandalay Bay Resort and Casino
MGM is now looking to sell two of its most iconic properties. MGM Grand Las Vegas which is reportedly up for sale is the biggest hotel property in the USA with over seven thousand rooms. The iconic Vegas Strip hotel and resort also stands as the number three biggest hotel on the planet, following only the Palazzo and The Venetian. The hotel was opened back in 93 and back then it was the biggest in the world, as the other two were not yet built.
Fully owned and managed by the MGM Resorts International, the property includes the thirty-floor main hotel building alongside several outdoor pools, waterfalls, and rivers. The property also includes a massive convention center, the Grand Spa as well as the MGM Grand Garden Arena. Besides, it houses many shops, restaurants, night clubs and even the biggest casino in this area.
The Mandalay Bay property owned and managed by the MGM Resorts International is a luxury, forty-three story resorts and casino also situated on the Las Vegas Strip. It opened on the 2nd of March 1999. The hotel area includes three thousand and two hundred rooms alongside a massive casino floor. Adjacent to the hotel area, there is the Convention Center, the Events Center as well the Mandalay Bay Tram which connects the property to Luxor and Excalibur.