Thursday,  June 4, 2020  8:29 am

Sold! MGM Grand and Mandalay Bay purchased by joint venture


Sold! MGM Grand and Mandalay Bay purchased by joint venture

MGM will sell two more of its Las Vegas resorts – the MGM Grand and Mandalay Bay – to a joint venture in a $4.6 billion deal, following the sale of the Bellagio and Circus Circus last fall.

The joint venture, which consists of MGM Growth Properties and Blackstone Group (the company which bought the Bellagio and Circus Circus), will see MGM Growth Properties own slightly more than half of the properties.

READ MORE: MGM finds new owners for Bellagio, Circus Circus in $5 billion sale

The sales are part of an “asset-light model” which MGM has employed following a 2019 assessment of the company’s real estate portfolio, initiated after MGM posted a long-term debt of $15 billion as of December 2018.


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