MGM Resorts International’s CityCenter Holdings, LLC joint venture has entered into an agreement to sell a two-acre block of land within the CityCenter campus for US$80 million.
The buyer is a company called 63SLVB LLC, which is owned by locally-based retail developers Brett Torino of Torino Development and Paul and Dayssi Kanavos of Flag Luxury.
According to an announcement by MGM overnight, 63SLVB LLC plans to develop a multi-level retail complex comprising specialty retail and casual and fine dining. Miami Beach-based architecture firm Arquitectonica has been engaged to create a design that is “commensurate with the image, standards, and mixed-use nature of the CityCenter campus,” MGM said.
CityCenter, which is 50% owned by MGM Resorts International and 50% by Dubai World subsidiary Infinity World Development Corp, is a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM. It incorporates ARIA Resort & Casino, Vdara Hotel and Spa, and Veer Towers, plus various retail and other attractions.
Sale of the land parcel continues MGM’s recent spate of disposals, which included the sale of MGM Grand and a sizeable stake in the real estate investment trust that holds Mandalay Bay in a US$4.6 billion transaction in January 2020.
It had previously completed a similar deal to sell the Bellagio and Circus Circus Las Vegas, while in March of this year MGM raised another US$1.2 billion after real estate investment trust MGM Growth Properties LLC (MGP) completed the redemption of 37.1 million operating partnership units – reducing MGM’s stake in its REIT from 53.0% to 42.1%.