#MGM Growth Properties

News 5 Cleveland

MGM reportedly eyeing potential sale of gambling interests at Northfield Park

NORTHFIELD, Ohio - MGM Resorts International is reportedly exploring the sale of its gambling operations at Northfield Park, according to a report from Bloomberg. The report said talks are only preliminary and may not result in any action. The Northfield Harness Racing Track opened as the Hard Rock Rocksino with much fanfare in December 2013. It is…

Land-based ・ 25 days

commercialsearch.com

REITs Lead Charge to Consolidate Casino Real Estate

The slowdown in transactions across commercial real estate as a result of higher interest rates is unlikely to dramatically change in the near term as the question of value continues to plague buyers, sellers and lenders. But properties that house gaming operators are proving the exception. Not only did casino tenants pay rent when closed during…

Land-based ・ 01 February 2023

The Mercury News

What’s coming to Las Vegas casinos and resorts in 2023

In 2022, Las Vegas announced several new projects coming to The Strip and beyond. Many acquisitions, such as Hard Rock's purchase of The Mirage, have become more official, while Station Casinos plans to build several properties by 2030, including Durango Casino & Resort, which will open late next year. The results of those construction plans, new…

Land-based ・ 06 January 2023

Los Angeles Daily News

Las Vegas: What’s coming to casinos and resorts in 2023

In 2022, Las Vegas announced several new projects coming to The Strip and beyond. Many acquisitions, such as Hard Rock's purchase of The Mirage, have become more official, while Station Casinos plans to build several properties by 2030, including Durango Casino & Resort, which will open late next year. The results of those construction plans, new…

Land-based ・ 30 December 2022

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Northern Nevada Business Weekly

Tribal owner of Hard Rock now running Mirage in Las Vegas

LAS VEGAS - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Dec. 19, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said. Florida-based Hard Rock International, owned by the Seminole Tribe,…

Land-based ・ 28 December 2022

Tampa Bay Times

Florida-based Hard Rock now running Mirage on Vegas Strip

LAS VEGAS - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Monday, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said. Florida-based Hard Rock International, owned by the Seminole Tribe,…

Land-based ・ 27 December 2022

9 News

Tribal owner of Hard Rock now runs Mirage

LAS VEGAS - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Monday, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said. Florida-based Hard Rock International, owned by the Seminole Tribe,…

Land-based ・ 21 December 2022

KOLO

Tribal owner of Hard Rock now running Mirage on Vegas Strip

LAS VEGAS, Nev. (AP) - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Monday, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said. Florida-based Hard Rock International, owned by the Seminole…

Land-based ・ 21 December 2022

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CBS News

Florida-based Hard Rock International now running iconic Mirage resort in Las Vegas

LAS VEGAS - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Monday, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said. Hard Rock International, owned by the Seminole Tribe, said it plans to…

Land-based ・ 21 December 2022

Fox 5 Vegas

Tribal owner of Hard Rock now running Mirage on Las Vegas Strip

LAS VEGAS (AP) - A new operator, Hard Rock International, started running the iconic Mirage resort on the Las Vegas Strip on Monday, following Nevada state gambling regulatory approval for a nearly $1.1 billion sale by former site owner MGM Resorts International, the companies said. Florida-based Hard Rock International, owned by the Seminole…

Land-based ・ 20 December 2022

The Nevada Independent

Indy Gaming: Research gives AGA ammunition in fight with illegal gambling operations

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz American Gaming Association CEO Bill…

Industry ・ 07 December 2022

CNBC

Big Las Vegas property owner to take full ownership of two casinos

The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI Properties, a real estate investment trust based in New York, has agreed to buy Blackstone's 49.9% stake in the two Las Vegas casino resorts. VICI currently owns a…

Land-based ・ 02 December 2022

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NBC 5 DFW

Las Vegas Strip’s Biggest Property Owner in Deal to Take Full Ownership of Two Casinos

The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI Properties, a real estate investment trust based in New York, has agreed to buy Blackstone's 49.9% stake in the two Las Vegas casino resorts. VICI currently owns a…

Land-based ・ 01 December 2022

Review Journal

Rocky Gap Casino Resort being sold by Strat owner Golden Entertainment to Colorado company for $260 million

Golden Entertainment Inc., operator of the Strat, Arizona Charlies and dozens of taverns under the PT's brand, is selling its Rocky Gap Casino Resort in Maryland for $260 million. Las Vegas-based Golden on Thursday said it is selling the casino real estate in Flintstone, Maryland to real estate investment trust Vici Properties Inc. for $203.9…

Travel ・ 29 August 2022

The Street

MGM Shares Plans for Its New Las Vegas Strip Property

The Las Vegas Strip has become some of the hottest real estate on Earth. The 4.2-mile stretch of road has become a battleground where interlopers like Resorts World Las Vegas try to unseat the established market leaders Caesars Entertainment (CZR) - Get Caesars Entertainment Inc. Report, MGM Resorts International (MGM) - Get MGM Resorts…

Land-based ・ 11 August 2022

The Nevada Independent

Indy Gaming: ‘Economic challenges’ keeping five Clark County casinos closed into 2023

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz Five Southern Nevada casinos that never…

Lottery ・ 08 June 2022

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The Street

This Stock Might Be the Best Las Vegas Strip Investment

Las Vegas offers the promise of getting rich. In most cases, that's a false promise as the house usually wins, but you can make money on Sin City without throwing any dice, playing cards, or taking a turn at the slot machines. Las Vegas has a surprising number of investment options and the best one might be a company you've never heard of (or maybe…

Land-based ・ 04 June 2022

Northern Nevada Business Weekly

Caesars spinoff VICI closes on big Vegas Strip property deal

FILE - A plane takes off from Harry Reid International Airport near casinos along the Las Vegas Strip, on Sept. 29, 2021, in Las Vegas. Caesars Entertainment spinoff VICI Properties said April 29, 2022, that it completed its $17.2 billion buyout of MGM Growth Properties, the Las Vegas Review-Journal reported. The deal was first announced last…

Travel ・ 12 May 2022

The Nevada Independent

With Cosmopolitan sale nearing, Blackstone still has money on Vegas

Blackstone Group's time as a Strip casino operator is drawing to a close, but that doesn't mean the New York-based investment conglomerate is done with Las Vegas. Through its Blackstone Real Estate Investment Trust (REIT), the company will continue to own the land and buildings associated with four Strip properties operated by MGM Resorts…

Gaming Authorities ・ 12 May 2022

The Street

Forget Caesars and MGM. The Las Vegas Strip Has a Secret Leader.

Las Vegas has a lot of big-name operators that grab the spotlight. Caesars Entertainment (CZR) - Get Caesars Entertainment Inc Report, for example, has its name splashed across its signature property, the massive Caesars Palace. It's not subtle, which makes sense given that the casino giant wants people to stay at its resorts, gamble in its casinos…

Land-based ・ 10 May 2022

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The Boston Globe

Wynn Resorts cashes in on Everett casino in $1.7 billion deal

Wynn Resorts is selling off its Encore Boston Harbor casino property in Everett, though patrons shouldn't notice any difference at all. On Tuesday, Wynn announced a $1.7 billion sale to Realty Income, a large real estate investment trust, and aims to use the proceeds, in part, to help fund development plans across Broadway from the casino. But no,…

Travel ・ 18 February 2022

Vegas Slots Online

MGM Tops VSO US Gambling Industry Winners of 2021 List

Industry ・ 04 January 2022

Review Journal

Las Vegas’ top real estate deals of 2021

Like countless other cities, Las Vegas spent the past year grappling with the pandemic and recovering from the economic disaster it unleashed in 2020. It also saw a burst of lucrative casino sales on the Strip as tourism rebounded from the public health crisis. Here is my list of Las Vegas' top 10 real estate deals of 2021. 1. The Cosmopolitan of…

Land-based ・ 31 December 2021

The Nevada Independent

As gaming revenues soar in Nevada and nationwide, one analyst is cautious for 2022

Nevada's casino industry is on track for 2021 to produce its fourth-ever $12 billion revenue year. Nationwide, gaming revenues have already surpassed 2019's record total. One gaming analyst, however, believes as the year draws to a close, it might be wise to take a deep breath and evaluate where the casino sector is headed in 2022. Deutsche Bank…

Finance ・ 17 December 2021

News4Jax

Hard Rock International buying The Mirage operation in Vegas

LAS VEGAS - Hard Rock International said Monday it wants to see how a guitar-shaped hotel will play at the heart of the Las Vegas Strip. In what MGM Resorts International CEO and President Bill Hornbuckle called "a significant milestone for MGM Resorts and for Las Vegas," the companies announced MGM Resorts will sell operations of The Mirage to…

Travel ・ 14 December 2021

Market Watch

MGM Resorts to Sell Mirage Hotel & Casino Ops to Hard Rock Intl for $1.08B

MGM Resorts International said it will sell the operations of The Mirage Hotel & Casino to Hard Rock International for $1.08 billion. Under terms of the deal, MGM Resorts will retain The Mirage name and brand and license it to Hard Rock, royalty free, for up to three years. Hard Rock said it plans to build an iconic guitar-shaped hotel. Hard Rock…

Travel ・ 14 December 2021

Golden Casino News

MGM Resorts continues to expand, targets new facility in Las Vegas

MGM Resorts International Considering a New Facility on the Las Vegas Strip. MGM Resorts is growing increasingly enthusiastic about the southern end of the Las Vegas Strip's future. This week, one of its top officials indicated that additional improvements in the area might be imminent. MGM Resorts, which operates most of the Strip's casinos,…

Travel ・ 06 December 2021

Review Journal

Las Vegas casino investors wagering on comeback

When driving the Strip, walking its sidewalks or navigating its casinos, there is no mistaking it: America's rowdy gambling mecca is crammed with tourists again. And even though visitor volume remains below pre-pandemic levels, and the coronavirus outbreak has by no means been stamped out, casino investors are betting big that Las Vegas is back on…

Land-based ・ 23 November 2021

The Nevada Independent

How VICI Properties is quietly becoming landlord to the biggest casinos in Vegas

In the waning days of Caesars Entertainment's two-year bankruptcy reorganization, creditors struggled with a name for a new spin-off company taking ownership of 19 casinos that would control the land and lease the properties back to the operator. Consultants suggested Senatus Populusque Romanus, or SPQR, the term used for the government of ancient…

Travel ・ 23 November 2021

The Nevada Independent

A buyer’s market: Vegas Strip casinos a hot commodity

High-profile Las Vegas Strip resorts aren't put up for sale every day. Last week, however, Caesars Entertainment and MGM Resorts International, the Strip's two largest operators with a combined 17 properties, each said they wanted to part ways with a hotel-casino. In a year that has seen more than $30 billion in announced mergers and acquisition…

Covid ・ 08 November 2021

Poker News Daily

MGM Resorts International to Sell The Mirage in Las Vegas

The landscape of the Las Vegas Strip will continue to change, as MGM Resorts International has said it is looking to sell The Mirage. During the company's quarterly conference call on Wednesday, CEO Bill Hornbuckle said that the company feels it has enough exposure on The Strip. "As such, we are currently in the early stages of a process to sell…

Travel ・ 08 November 2021

The Wall Street Journal

MGM Plans to Sell Mirage Operations in Las Vegas

MGM Resorts International MGM 1.71% said it would sell its operations of The Mirage to another operator, part of a rash of deals that are changing the hands of ownership on the Las Vegas Strip. MGM Resorts, like other casino and hotel operators, has been shedding some of its assets including its real-estate holdings to focus on new business areas…

Travel ・ 04 November 2021

Review Journal

Las Vegas Strip landlord Vici sees revenues rise in Q3

The soon-to-be largest landlord on the Strip believes there's never been a better time to be investing in Las Vegas. That's understandable excitement for a company that has inked real estate deals for Strip properties totaling more than $21 billion this year alone. "We were very excited from the day we started the company. We're even more excited…

Land-based ・ 29 October 2021

Review Journal

Cosmopolitan sale the latest billion-dollar deal on Las Vegas Strip

The multibillion-dollar sale of The Cosmopolitan of Las Vegas has not only put the flashy, once-financially troubled resort in new hands. It also marks the latest in a string of hotel deals on the Strip between two powerhouse companies and another investment on Las Vegas Boulevard from the CEOs of fast-food chain Panda Express. New York financial…

Land-based ・ 27 October 2021

Forbes

Blackstone To Sell The Cosmopolitan Of Las Vegas For $5.65 Billion

MGM Resorts International will acquire the operations of The Cosmopolitan, the luxury casino and hotel on the Las Vegas Strip, for $1.625 billion from private equity giant Blackstone. Both MGM and Blackstone announced the deal on Monday. The private equity firm's Blackstone Real Estate Partners VII LP is selling the hotel and casino's real estate…

Covid ・ 14 October 2021

The Real Deal

Blackstone to Net $4B Profit in Sale of Vegas Casino

The Blackstone Group can head to the slots after netting a record profit for the sale of a single asset: The Cosmopolitan of Las Vegas. Blackstone has agreed to sell the Las Vegas Strip hotel and casino for more than $5.6 billion, more than three times the $1.8 billion it paid for the property seven years ago. The company stands to make almost $4.1…

Travel ・ 04 October 2021

Review Journal

MGM Resorts sells casinos for billions, rents for huge sums

In a burst of multibillion-dollar deals, Las Vegas has seen investors pay mountains of money the past few years to own high-profile casino-resorts. Those sales have also shown what casino operators - well, one in particular - are willing to pay to rent these properties. MGM Resorts International has reached deals since fall 2019 to lease Bellagio,…

Travel ・ 04 October 2021

The Real Deal

Blackstone Shops Cosmopolitan Las Vegas for $5B

Blackstone is once again seeking a high roller to purchase the Cosmopolitan of Las Vegas, this time soliciting offers in excess of $5 billion for the 11 year-old resort casino. One potential suitor exploring an offer is Apollo Global Management, according to Bloomberg. MGM Resorts International is also reportedly looking to swoop in as a potential…

Travel ・ 09 September 2021

AP News

Casino giant MGM Resorts selling land to New York-based firm

LAS VEGAS (AP) - A New York-based real estate investment firm will emerge as the largest landholder on the Las Vegas Strip under a $17.2 billion property deal between landholding affiliates of casino giants Caesars Entertainment and MGM Resorts International. Combined, VICI Properties Inc. will end up with properties in 15 states. MGM Resorts…

Travel ・ 04 September 2021

The Art Newspaper

Place your bids: Sotheby’s to auction 11 Picassos live from Bellagio in Las Vegas

Place your bids: Sotheby's will sell 11 works by Picasso from the MGM Resorts Fine Arts collection at the resort and casino Bellagio in Las Vegas this October. The entire collection, which carries a guarantee, has an estimate of $70.5m-$104.2m. The auction marks the first time Sotheby's has held a marquee, live-streamed evening sale in North…

Land-based ・ 11 August 2021

The Motley Fool

The Las Vegas Strip Is Changing Before Our Eyes

Las Vegas has gone through a number of transformations over the last half-century, going from mob town to mega-resorts built by junk bonds to an REIT haven. A largely unseen trend in the city over the last half decade has been the sale of a vast majority of the Las Vegas Strip's real estate to investment firms called real estate investment trusts…

Land-based ・ 10 August 2021

The Wall Street Journal

Casino Owner Vici Properties to Buy MGM Growth Properties

Real-estate investment trust Vici Properties Inc. agreed to buy MGM Growth Properties LLC in a deal that values the casino real-estate owner at $17.2 billion, including about $5.7 billion in debt. Under the agreement, casino operator MGM Resorts International will receive about $4.4 billion in cash. MGM Resorts spun off MGM Growth Properties in…

Travel ・ 05 August 2021

The Nevada Independent

Indy Gaming: Las Vegas left behind as Sands charts future in Macau, Singapore and online

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. Las Vegas Sands is on its way to becoming just Sands. The…

NFL ・ 28 July 2021

The Nevada Independent

MGM Resorts still the Strip’s largest casino operator, just not its biggest landowner

Nearly a decade ago, MGM Resorts International owned much of the Las Vegas Strip. The company controlled more than 800 acres along the resort corridor, much of which housed 10 Strip resorts, the 67-acre CityCenter complex, a 33-acre concert venue and 23 acres that became The Park dining and retail space and T-Mobile Arena. "It's a good time to be…

Travel ・ 26 July 2021

The Motley Fool

MGM Resorts Is Betting Big on Las Vegas

MGM Resorts (NYSE:MGM) has quietly made a very big bet on the future of the Las Vegas Strip, and it could determine the stock's performance long term. Not only did MGM recently agree to acquire the half of CityCenter that it didn't own for $2.125 billion, but it also agreed to sell CityCenter's real estate for $3.89 billion to funds managed…

Travel ・ 22 July 2021

Card Player

MGM Resorts Sells Two More Las Vegas Strip Properties To Blackstone

Before the COVID-19 pandemic put a halt to most economic activity, especially in Las Vegas, MGM Resorts was unloading its Las Vegas real estate to raise cash on hand. It recently restarted its "asset-light" business strategy as it entered into an agreement with Blackstone to purchase two more pieces of Las Vegas Strip real estate. The deal with…

Travel ・ 07 July 2021

Review Journal

Chicago casino resort about to enter ‘request for proposals’ stage

It shouldn't be long before Chicago unveils its request for proposals to build a casino resort in the nation's third-largest metropolitan area. It was in early March that Chicago Mayor Lori Lightfoot announced that an RFP is coming for a single resort that is expected to include hotel, dining, entertainment and convention amenities. Several…

Travel ・ 07 July 2021

Casino News Daily

Casino Giant MGM Offloads Aria, Vdara to Blackstone in $3.9bn Deal

Las Vegas casino operator MGM Resorts International has agreed to sell Aria Resort & Casino and Vdara Hotel & Spa to New York-based private equity firm The Blackstone Group in a $3.89 billion deal. Blackstone will lease the resorts back to MGM for an initial annual rent of $215 million, it also became known. Both transactions are expected to close…

Travel ・ 02 July 2021

Barron's

Las Vegas Has Been on a Roll. Here’s How to Play the Next Leg of Its Rally.

Investing in Las Vegas, like the city itself, continues to evolve. Starting last year, investors bid up Las Vegas-related stock prices and valuations, in part in anticipation of a strong economic recovery helped by pent-up demand, and in part because they look favorably on the recent rush of casino operators into the promising early days of digital…

Strategy Guide ・ 04 June 2021

Vegas Inc

Las Vegas resort operator interested in proposed Chicago casino

The Chicago skyline is seen from the Museum Campus during a cold weather day in Chicago, Sunday, Feb. 7, 2021. Updated Wednesday, March 10, 2021 | 11:38 a.m. At least one Las Vegas gaming company has expressed interest in operating a proposed casino in Chicago. Wynn Resorts was among several Las Vegas-based companies that responded to a request for…

Travel ・ 07 May 2021

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