MGM Resorts Nears Deal to Sell MGM Grand, Mandalay Bay to Joint Venture --Update

Fecha : 14/01/2020 @ 07:36
Fuente : Noticias Dow Jones
Emisora : Blackstone Group Inc (BX)
Cotización : 60.76  0.61 (1.01%) @ 18:59
Blackstone Cotización de acciones Gráfica
Último Operacion
no Posventa
Último $ 60.75 ▼ -0.01 (-0.02%)

MGM Resorts Nears Deal to Sell MGM Grand, Mandalay Bay to Joint Venture --Update

Blackstone (NYSE:BX)
Gráfica de Acción Histórica

1 mes : De Dic 2019 a Ene 2020

Haga Click aquí para más Gráficas Blackstone.
By Katherine Sayre, Miriam Gottfried and Cara Lombardo 

MGM Resorts International is nearing an agreement to sell the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture that includes private-equity and real-estate giant Blackstone Group Inc., according to people familiar with the matter.

Blackstone would own slightly less than half of the properties through its private real-estate investment trust, while MGM Growth Properties LLC, a public REIT, would own the remainder, the people said. The total purchase price couldn't be learned, but the deal values MGM Grand, the company's largest property by square footage as of its most recent annual financial filing, at roughly $2.5 billion, the people said.

The deal is expected to be similar to MGM Resorts' sale of its flagship Bellagio casino in Las Vegas to Blackstone last year.

In October, Blackstone said its private real-estate investment trust, known as BREIT, would take control of the Bellagio through a $4.25 billion joint venture with MGM. MGM, which retained a 5% stake in the venture, continues to operate the casino and is renting the property from the venture for $245 million a year.

MGM Chief Executive Jim Murren said on a conference call in October that the company planned to also sell the MGM Grand, using the Bellagio transaction as a blueprint for future real-estate deals.

The MGM Grand Las Vegas includes a hotel and resort as well as three condominium towers.

MGM sold another Las Vegas Strip casino, Circus Circus, to Phil Ruffin, who also owns the Treasure Island casino, for $825 million last year.

The MGM Grand sale would be another step in MGM's "asset light" strategy intended to pull cash out of its real estate and focus on new business areas including sports betting, entertainment and a casino development in Japan. The company, which has a market value of about $17 billion, began evaluating real-estate deals to help pay off debt after its board of directors formed a real-estate committee in January 2019.

Write to Katherine Sayre at katherine.sayre@wsj.com, Miriam Gottfried at Miriam.Gottfried@wsj.com and Cara Lombardo at cara.lombardo@wsj.com

 

(END) Dow Jones Newswires

January 14, 2020 08:21 ET (13:21 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Su Consulta Reciente
BMV
FIBRAPL14
Fibra Prol..
BMV
AMXL
América Mó..
BMV
ME
IPC México
BMV
ALSEA*
Alsea
FX
USDMXN
United Sta..
Las acciones que ha visto aparecerán en este recuadro, lo que le permite volver fácilmente a las cotizaciones que ha consultado previamente
Registrarse ahora para crear su lista personalizada de acciones en streaming.

Cotizaciones PLUS están en tiempo real. Cotizaciones NYSE y AMEX están con retraso de por lo menos 20 minutos.
El resto de las cotizaciones están con retraso de por lo menos 15 minutos al menos que se indique lo contrario.

Al acceder a los servicios disponibles de ADVFN usted acepta quedar sujerto a los Términos y Condiciones

P: V:mx D:20200119 07:24:45