MGM Closes Sale-Leaseback of Aria, Vdara in Las Vegas
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MGM Resorts International has closed a sale-leaseback arrangement with Blackstone Group for a pair of Las Vegas hotels. The casino operator bought Infinity World's 50% interest in CityCenter Holdings for $2.13bn. This gave MGM full ownership of Aria Resort & Casino and Vdara Hotel & Spa. Blackstock sold the real estate of the hotels to MGM for £3.89bn and will lease them to the gambling firm for $245m per year.
MGM backs lease agreements. Aria and Vdara agreement follows a string of similar sale and lease deals. MGM sells Bellagio's real estate to Blackstone for $4.2bn and Treasure Island owner Phil Ruffin purchased MGM’s Circus Circus Las Vegas for a total of $825m. This week MGM agreed to take over the operations of The Cosmopolitan casino resort in Las. Vegas.
MGM is focusing on online gaming and plans to expand in markets across the world. The company will look to grow its online BetM MGM brand internationally. It will also implement an omnichannel strategy offering global customers the chance to join MGM’s M Life Rewards program.
