MGM Resorts International Closes Purchase of Infinity World’s 50% Interest in CityCenter for $2.125B
MGM Resorts International | September 29, 2021
LAS VEGAS, NV - September 28, 2021 - MGM Resorts International today announced the closing of the previously announced purchase of Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. In addition, MGM Resorts and Blackstone have also closed the previously announced sale-leaseback agreement for Blackstone to acquire the real estate assets of Aria and Vdara for $3.89 billion. Following the transaction, MGM Resorts has leased the property from Blackstone and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis. In connect...
MGM Resorts International Enters Agreement to Purchase Infinity World’s 50% Interest in CityCenter for $2.125 Billion
MGM Resorts International | July 1, 2021
LAS VEGAS - July 1, 2021 - MGM Resorts International ("MGM Resorts" or the "Company") (NYSE: MGM) today announced that it has entered into a definitive agreement to purchase Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. The purchase price represents an implied valuation of $5.8 billion based on net debt of $1.5 billion, after giving effect to the recently closed sale of a two-acre parcel. The agreement will make MGM Resorts the 100 percent owner of CityCenter on the Las Vegas Strip, which is comprised of Aria Resort & Casino and Vdara Hotel and Spa. "CityCenter ...
CityCenter | August 31, 2018
LAS VEGAS, Aug. 31, 2018 -- CityCenter Holdings, LLC ("CityCenter"), a venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp, today announced that it has closed on the sale of the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million in cash. CityCenter expects to use the proceeds from the sale to pay a dividend to its shareholders. "CityCenter has continued to deliver strong operating results and has cemented itself as a premier luxury destination in Las Vegas," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International. "As a result...
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