MGM Growth Properties LLC is seeking investors for the MGM Grand and Mandalay Bay casinos in Las Vegas. Take a look over our daily casino top deals and news below.
The casino gaming operator MGM Resorts International and its partners at MGM Growth Properties LLC are trying to find an investor to set up a joint venture to own the casino resorts MGM Grand and Mandalay Bay in Las Vegas. According to people who are well versed in the ongoing talks, MGM and its REIT are trying to provoke interest from investors who have historically been attracted to casino assets.
MGM and MGM Growth Properties have not yet commented on this news regarding the Las Vegas casino operator’s plans and the future of its properties.
Similar news that MGM, looking for investors to buy MGM Grand and Mandalay Bay real estate, emerged a little over a month ago after the company sold Bellagio to New York financial services firm The Blackstone Group, with the deal worth an impressive $ 4.2 billion.
What’s more interesting is that the new owner will lease it to MGM for an initial $ 245 million in rent. In addition, MGM has accumulated more revenue as it recently sold its Circus Circus property to Treasure Island owner Phil Ruffin for less than $ 825 million compared to the Bellagio deal.
MGM’s CEO, Jim Murren, said ahead of time that they are expected to buy for the MGM Grand casino resort and should find one by the end of the year.
The CEO also explained that the latest deals, as well as any future deals by the company, will help in acquiring more finance, which will strengthen the company as a developer and manager of casino resorts.
MGM is about to expand its global reach. The company aims to raise capital for its planned integrated resort in Japan. MGM views the city of Osaka as a potential host of the new property, claiming that the investment in the project could be worth up to $ 10 billion or even more.
Last month Murren shared that the proceeds from the transactions will be used for investing. In addition to its emerging casino in Japan, MGM also has a strong appetite for expanding the rapidly expanding US sports betting field, which will also help the company grow further. Hope to enjoy our daily casino top deals and news.