Why MGM Resorts Is Selling a Las Vegas Icon
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MGM Resorts is selling The Mirage to Hard Rock International for $1.1 billion in cash. The future development of the property is still unknown. The sale is a surprise, but it's interesting because it shows the long-term strategy of MGM Resort's management.
MGM Resorts is selling off its north side of the Las Vegas Strip. It is consolidating its properties on the south side. The company is hoping to keep customers in its casinos longer. . ... In 2021, MGM will buy all the land from the Bellagio to Mandalay Bay and the MGM Grand complex across the street.
MGM Resorts has a lot of properties near each other on the Las Vegas Strip. The company is well-positioned to be a go-to location for consumers on weekends. During the week, conventions are the money makers. MGM owns Mandalay Bay Events Center at 1.8 million square feet and large spaces in CityCenter and MGM Grand at 500,000 and 380,00 square ft.
MGM Resorts is selling a Las Vegas icon. The company is focusing on casinos on the south side of the Las Las Vegas Strip. Its online betting business BetM MGM is gaining market share in the U.S. M life Rewards, MGM's rewards program, has partnered with Bet MGM to allow wagers online to earn real-world benefits.
