MGM to sell Bellagio, Circus Circus resorts for about $5 billion [Reuters]
MGM Resorts International (MGM)
Last mgm resorts international earnings: 4/30 04:15 pm
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Source: Reuters
MGM to sell Bellagio, Circus Circus resorts for about $5 billion - Reuters 2 Min Read (Reuters) - MGM Resorts International ( MGM.N ) said on Tuesday it would sell its Bellagio and Circus Circus resorts in Las Vegas in separate deals valued at about $5 billion, as the U.S. casino operator seeks to monetize its real estate assets and bolster its balance sheet. Blackstone Real Estate Income Trust will acquire the Bellagio for $4.25 billion through a 95-5 joint venture with MGM and will lease it back to a unit of the casino company for an initial annual rent of $245 million. MGM said it would sell Circus Circus Las Vegas to an affiliate of Treasure Island owner Phil Ruffin for $825 million. The divestment come nine months after MGM, which had a long-term debt of $15 billion as of December 2018, formed a committee to evaluate its real estate portfolio amid its move to an asset-light model. MGM Chief Executive Officer Jim Murren said the company would use the proceeds from both the deals
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MGM
Earnings
- 2/13/24 - Beat
MGM
Sec Filings
- 4/11/24 - Form PX14A6G
- 4/9/24 - Form 8-K
- 4/3/24 - Form 4
- MGM's page on the SEC website