MGM selling flagship Vegas resorts
MGM Resorts International is accelerating its asset-light strategy.
It has agreed to sell the MGM Grand and Mandalay Bay properties for about $2.5 billion.
The sale and lease back deal will see MGM continue operating the hotels.
The new owner is a joint venture made up of MGM Growth Properties LLC and Blackstone Group.
MGM Growth Properties was spun off from the main business back in 2016.
The total value of the two transactions is about $4.6 billion and the deal is expected to finalize by the end of March.
"These announcements represent a key milestone in executing the company’s previously communicated asset-light strategy," MGM Resorts CEO Jim Murren said in a statement.
Last year MGM announced the sale of Circus Circus Las Vegas for $825 million and the Bellagio for $4.25 billion to Blackstone Real Estate Income Trust.
Combined, sale of the four properties will raise about $8.2 billion.
That provides a sizable war chest for a possible casino development in Japan which the compnay is keen to pursue.
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