A buyer’s market: Vegas Strip casinos a hot commodity
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Caesars Entertainment and MGM Resorts International want to sell their high-profile Las Vegas Strip resorts. The industry has seen more than $30 billion in mergers and acquisitions in the last 10 months. Many companies want the sale proceeds to pay down long-term debt. The gaming industry’s COVID-19 closures and subsequent operating restrictions have also played a role. Four of the five deals this year covering Strip properties involve real estate investment trusts and sale-leaseback agreements. VICI Properties” $17.2 billion pending acquisition of rival REIT MGM Growth Properties includes eight MGM-managed regional casinos in seven states and eight Strip developments.
Caesars is looking to sell one of its Strip hotel-casinos. MGM Resorts International CEO Bill Hornbuckle put operations for The Mirage on the market. The company is focusing its efforts on Strip south of Flamingo Road. The Cosmopolitan of Las Vegas was added to MGM's Strip portfolio as part of a $5.68 billion sale and lease agreement. It is owned by a gaming REIT controlled by The Blackstone Group. Many regional casino operators consult with view Las Nevada as a desired location.
Caesars Entertainment is considering selling one of its Las Vegas Strip casinos. The company sold off-Strip Rio Resort in 2019. VICI owns Harrah's Las Vega and Caesar's Palace. Linq, Cromell, Flamingo, Bally’s Las veg, Paris Las veg, and Planet Hollywood are on the potential auction block.
Penn National Gaming CEO Jay Snowden is looking for a casino to buy on the Las Vegas Strip. Seminole Gaming, controlled by the Seminoles, is interested in buying a Hard Rock casino. The Cosmopolitan is a once in a lifetime opportunity for Penn. The tribe is not interested with Planet Hollywood. It is also interested if a location for its Hardrock brand is found. They recognize Las Angeles is the entertainment capital. For more information, visit www.casino.com. for more details.
Phil Ruffin has tried to buy The Mirage three times. He bought Treasure Island from MGM Resorts in 2009 for $775 million. In 2015, he offered MGM $1.3 billion for The Mira, but it was rejected. Ruffi bought Circus Circus Las Vegas from the MGM in November 2019 for $825 million in a handshake agreement.
