The transaction with an affiliate of Treasure Island owner Phil Ruffin also includes 37 adjacent acres.
MGM Resorts International (the “Company” or “MGM Resorts”) (NYSE: MGM) today announced that it has closed on its sale of Circus Circus Las Vegas and the 37 adjacent acres for $825 million, subject to final purchase price adjustments, to an affiliate of Treasure Island owner Phil Ruffin. The sale is part of the Company’s commitment to its asset-light strategy designed to focus on MGM Resorts’ core business and maximize value for its shareholders.
The purchase price is comprised of $662.5 million in cash and a $162.5 million note due 2024. MGM Resorts plans to utilize the proceeds from this transaction to further its capital allocation strategy and enhance its strategic and operational flexibility.