logo
  

MGM Resorts To Buy Infinity World's 50% Stake In CityCenter & Monetize CityCenter Real Estate Assets

MGM Resorts International (MGM) said that it agreed to buy Infinity World Development Corp's 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.

In addition, MGM Resorts has reached a deal with Blackstone to monetize the Aria and Vdara real estate assets, pending the close of the equity purchase agreement between MGM Resorts and Infinity World.

As per terms of the agreement, funds managed by Blackstone will acquire the Aria and Vdara real estate for $3.89 billion in cash. Following the acquisition, both properties will be leased to MGM Resorts for initial annual rent of $215 million.

The transactions are expected to close in the third quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pittsburgh, Pennsylvania -based Thorley Industries, LLC, d.b.a. 4Moms is recalling more than 2 million MamaRoo swings and RockaRoo rockers citing entanglement and strangulation risks, the U.S. Consumer Product Safety Commission said. The recall was initiated after 4moms received two reports of entanglement incidents, including one death. Retail giant Walmart is partnering with media major Paramount Global to offer Paramount+ Essential subscription to Walmart+ members at no extra cost. Starting in September, Walmart+ members will be able to stream premium entertainment as part of their membership with Paramount+, a direct-to-consumer digital subscription video on-demand and live streaming service. Fifth Season is recalling a limited amount of its branded Crunchy Sesame Salad Kits due to undeclared milk and egg, known allergens, the U.S. Food and Drug Administration said. The recall involves Fifth Season branded Crunchy Sesame Salad Kit with UPC Code: 52070008147 and Best By Date of 16-AUG-2022 and 15-AUG-2022.
Follow RTT