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.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
In Italy, the Meloni government congratulates itself for its tourism achievements
Singapore to forbid entry to undesirable travelers with new no-boarding directive