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MGM Resorts to acquire remaining 50% CityCenter stake, sell to Blackstone

Newsdesk by Newsdesk
Fri 2 Jul 2021 at 05:47
MGM Resorts to acquire remaining 50% CityCenter stake, sell to Blackstone

CityCenter, Las Vegas.

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MGM Resorts International says it has reached an agreement to purchase the 50% stake in CityCenter currently held by Infinity World Development Corp before on-selling the entire Las Vegas Strip complex to Blackstone.

Covering almost 1.6 million square meters in the heart of the Strip, City Center is home to Aria Resort & Casino and Vdara Hotel and Spa.

Under the terms of the deal, aimed at fully monetizing the CityCenter real estate, MGM will hold 100% of CityCenter Holdings LLC after purchasing Infinity World’s 50% interest for US$2.125 billion. The purchase price represents an implied valuation of US$5.8 billion, MGM said, based on net debt of US$1.5 billion and after giving effect to the recent sale of a two-acre parcel of land on the site where developers plan to build a multi-level retail complex.

Upon taking full ownership of CityCenter, MGM will then sell the complex to funds managed by The Blackstone Group for US$3.89 billion in cash, with Aria and Vdara to then be leased back to MGM for annual rent of US$215 million.

“CityCenter has consistently elevated the Las Vegas experience over the years, contributing to this vibrant city’s undeniable position as a top tourism and business destination,” said Bill Hornbuckle, CEO and President of MGM Resorts.

“Uniting all of CityCenter under MGM Resorts’ corporate structure and strategy will allow us to consolidate financial results, build on efforts to strengthen our operating model and guest experience and further our vision of becoming the world’s premier gaming entertainment company.”

On the agreement with Blackstone, Hornbuckle added, “This transaction demonstrates the unprecedented premium value of our real estate assets and is a testament to Aria and Vdara’s status as premier destinations on the Las Vegas Strip. We expect to continue executing on our asset-light strategy and utilizing the proceeds from our real estate transactions to enhance our financial flexibility and secure new growth opportunities.”

MGM, which completed a similar deal for the Bellagio in November 2019 and for MGM Grand and Mandalay Bay in January 2020, said both CityCenter transactions are expected to close within 3Q21.

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Tags: Aria Resort and CasinoBill HornbuckleCityCenterLas VegasMGM ResortsNorth AmericaThe Blackstone Group
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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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