MGM Shares Plans for Its New Las Vegas Strip Property
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The Las Vegas Strip is some of the hottest real estate on Earth. Resorts World Las Las Vega is trying to unseat the market leaders Caesars Entertainment and MGM Resort International. The Strip has become the land of big names with celebrity chefs bringing their signature restaurants and the biggest entertainers taking up residency at world-class venues. Caeresars is rebranding Bally's Casino under its gambler-friendly Horseshoe brand and trying the sell Flamingo resort casino. MGM has not been sitting still as it sold off the Mirage and purchased the Cosmpolitan. CEO Bill Hornbuckle shared some plans for its newest top-tier Las Nevada Strip property.
Hornbuckle addressed MGM selling off its real estate to Vici Properties Inc. as a way to free up cash during the company's second-quarter earnings call. The transaction brought $4.4 billion in cash. VicI also owns many Caesars Strip properties. MGM bought The Cosmopolitan of Las Vegas in May.
The Cosmopolitan was added to MGM's portfolio. The day after the transaction, Cosmo's employees were able to park in the Bellagio garage. Cosmoco generated $60 million in EBITDAR in its first six weeks of ownership. High-end properties are doing well in a down economy. MGM shares plans for its new Las Vegas Strip property.
