The agreement values the entire Cit圜enter complex at $5.8 billion, accounting for two acres of the property sold to developers earlier this year.įollowing these moves, MGM will have more cash for expanding sports betting ventures and possible casino development in Japan, according to a Reuters report on Thursday. The deals are expected to be complete in the third quarter of this year. Then MGM will sell the properties to Blackstone, which will then allow MGM to lease back the hotels and continue operating them. When that deal is complete, MGM Resorts will become the 100% owner of Cit圜enter on the Las Vegas Strip, which is comprised of Aria and Vdara.
MGM is first buying out Cit圜enter partner Infinity World, which owns a 50% stake in Cit圜enter, for $2.1 billion. MGM Resorts International on Thursday announced it has agreed to buy the remaining half of Cit圜enter and sell the real estate for Aria Resort Casino and Vdara Hotel and Spa for nearly $3.9 billion in cash to private equity firm Blackstone.
It will then lease them back from Blackstone to continue operating them for $215 million a year. MGM Resorts will become the 100% owner of Cit圜enter on the Las Vegas Strip in order to sell its Aria Resort Casino and Vdara Hotel.
