CityCenter Las Vegas approval for MGM Resorts International
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MGM Resorts International has received approval to buy a 50% stake in the CityCenter Las Vegas development for $2.1 billion. The casino giant plans to offload the Aria Resort and Casino and Vdara Hotel and Spa to The Blackstone Group for about $3.9 billion and lease them back for an annual rent of $215 million.
MGM Resorts International is planning to sell off its assets to improve its liquidity and make it more attractive to shareholders. If both parts of the deal are finalized, MGM Resort International will be left with only the 250-room MGM Springfield property and the rest of its business hosted within venues under the control of Vici Properties Incorporated real estate investment trust (REIT).
The Nevada Gaming Commission is expected to consider the CityCenter Las Vegas arrangement at its next meeting on September 23. The 16.8 million sq ft Las Las. Vegas complex opened in December of 2009 and features the 392-room Waldorf Astoria with its 225 condominiums, the 674-unit Veer Towers apartment complex and the 500,000 sq foot Crystals shopping mall.
MGM Resorts International is planning to offload its MGM Springfield property to a REIT by the end of this year pending approval from the Massachusetts Gaming Commission.
The Nevada Gaming Control Board recommends that Dubai World's registration be terminated. Dubai's President and Chief Operating Officer, William Grounds, says his company will be leaving the American casino market in favor of emerging markets in areas such as Africa.
