United Kingdom
United States
Asia Pacific
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.
TravelMole Editorial Team
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.
Mark Jaronski of Explore Georgia on FIFA World Cup 2026
Connecting Small Businesses to Global Tourism Markets: Nate Huff of Tourism Exchange
North Carolina’s Resilience: Wit Tuttell on Recovery and Tourism
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
BA suspending all Heathrow to Abu Dhabi flights
Turkish Airlines flight in emergency landing after pilot dies
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel
Foreign Office issues travel advisory for winter sun destinations