Casino Giant MGM Offloads Aria, Vdara to Blackstone in $3.9bn Deal
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MGM Resorts International has agreed to sell Aria Resort & Casino and Vdara Hotel & Spa to The Blackstone Group for $3.89 billion. Blackstones will lease the resorts back to MGM for an initial annual rent of $215 million. MGM will buy out the remaining 50% stake in its CityCenter joint venture from a unit of its partner, investment firm Dubai World for a total of $2.12 billion to boost financial flexibility and secure new growth opportunities.
MGM sold Bellagio to Blackstone for $4.2 billion in fall 2019. Blackstones also owns The Cosmopolitan of Las Vegas, which it purchased in 2014 in a $1.73 billion deal. MGM Growth Properties will lease MGM Grand and Mandalay Bay to the former owners for an initial rent of $292 million. Once MGM closes the Vdara and Aria sale and the previously announced sale of MGM Springfield, it will operate all of its resorts around the US but will not own them.
