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 2^nd 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.

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.