MGM sells Bellagio to Blackstone for US$4.25B in lease-back [Business News Network (BNN) Energy & Resources (Canada)]
MGM Resorts International (MGM)
Last mgm resorts international earnings: 4/30 04:15 pm
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Source: Business News Network
MGM sells Bellagio to Blackstone for US$4.25B in lease-back MGM Resorts International, pressured by investors to unload its remaining company-owned casinos, agreed to sell the Bellagio resort in Las Vegas to Blackstone Group for US$4.25 billion and will continue to operate the property under a lease arrangement. The Las Vegas-based casino company also agreed to sell the Circus Circus property on the Strip, along with 47 adjoining acres, to real estate mogul Phil Ruffin for US$825 million, according to a statement Tuesday. With the sales, MGM Resorts moves a step closer to becoming a landless casino company, marking a new era for the largest operator of casinos on the Las Vegas Strip. When all of its deals close, the company will have just two wholly owned properties, including the flagship MGM Grand, remaining under its ownership. The company is keeping a 5% stake in the Blackstone-led venture that’s buying Bellagio. “The casino industry is evolving and we figured the best use of our
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MGM
News
- FBI working towards nabbing Scattered Spider hackers, official says [Reuters]Reuters
- MGM Resorts International (NYSE: MGM) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Ex-MGM Grand president faces sentencing for not reporting multimillion-dollar wagers by fraudulent bookie [Yahoo! Finance]Yahoo! Finance
- Martin Lawrence Hits the Road This Summer With "Y'all Know What It Is!" Comedy Tour [Yahoo! Finance]Yahoo! Finance
- MGM Resorts International (NYSE: MGM) had its price target raised by analysts at JMP Securities from $57.00 to $58.00. They now have a "market outperform" rating on the stock.MarketBeat
MGM
Earnings
- 5/1/24 - Beat
MGM
Sec Filings
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- 5/3/24 - Form 4
- MGM's page on the SEC website