To Eldorado Resorts
MGM to sell Grand Victoria Casino
The Company acquired its 50 percent interest in Grand Victoria Casino in connection with its acquisition of Mandalay Resort Group in 2005.
2018-04-16
Reading time 29 seg
The company announced Monday, along with its venture partner, the execution of a definitive agreement to sell the Grand Victoria Casino in Elgin, Illinois for USD 327.5 M in cash.
MGM Resorts International has announced the sale of Grand Victoria Casino in Elgin, Illinois, of which a subsidiary of the Company owns a 50% interest, to Eldorado Resorts for $327.5 million in cash, subject to a working capital adjustment. MGM Resorts will receive its 50 percent share of the net proceeds after certain transaction costs, or approximately $162 million.
The transaction is expected to close within 12 months, subject to regulatory approvals and other customary closing conditions.
The Company acquired its 50 percent interest in Grand Victoria Casino in connection with its acquisition of Mandalay Resort Group in 2005.
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