MGM reportedly seeking investors for MGM Grand and Mandalay Bay Venture
Resorts International and MGM Growth Properties LLC are seeking an investor for a joint venture that would own at least two prominent Las Vegas properties, according to Bloomberg.
Both firms have solicited interest in the MGM Grand Hotel & Casino and the Mandalay Bay Resort & Casino from investors that have historically bet on gaming properties, said people with knowledge of the matter cited in anonymity by that news agency since the talks are private.
MGM Resorts created the real estate investment trust MGM Growth in 2016 and sold a minority interest to the public. The REIT (real estate investment trust) owns most of MGM Resorts’ casinos and leases them back to the company to operate.
The Mandalay Bay is one of 13 properties owned by MGM Growth according to a filing. The MGM Grand, one of few properties still owned by MGM Resorts, is expected to be sold by the end of the year, the company said last month. The transaction would mark one of the final steps toward its goal of becoming an “asset-light” casino operator.
Last month, it agreed to sell the Bellagio to Blackstone Group in a $4.25 billion deal and the Circus Circus casino to real estate mogul Phil Ruffin.
Detroit casinos post $107 million in July revenue with modest gains from June
Casino Guru shortlisted for inaugural Affiliate Leaders Awards
IGT PlaySports signs multi-year deal with Corporación Caliente to expand in Latin America
Pragmatic Play and Sellatuparley expand partnership with Smart Studio launch in Latin America
Zenith to highlight platform capabilities and LatAm-tailored products at SBC Summit
Galaxy Entertainment reports higher first-half profit as Macau tourism, premium mass play lift results
IGT PlaySports signs multi-year deal with Corporación Caliente to expand in Latin America
Formula 1 Las Vegas Grand Prix secures two-year extension under $20M LVCVA deal
