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MGM in talks to sell off three Vegas hotels
MGM is reportedly in talks to sell off three of its casino hotels.
It is in discussions to sell its Circus Circus property to real estate investor Phil Ruffin, who purchased the Treasure Island casino from MGM a decade ago.
Ruffin previously partnered with Donald Trump on the Trump International Hotel in Vegas.
Separately Bloomberg reports MGM will sell the Bellagio and MGM Grand to Blackstone Group, although MGM will continue operating them in a leaseback deal.
MGM could pocket about $7 billion for the two casino resorts, which are among the company’s most profitable properties.
These talks are at an advance stage, Bloomberg said.
Blackstone acquired the Cosmopolitan Las Vegas in 2014.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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