MGM Resorts Nears Deal to Sell MGM Grand, Mandalay Bay to Joint Venture Including Blackstone

Date : 01/14/2020 @ 1:30PM
Source : Dow Jones News
Stock : MGM Resorts International (MGM)
Quote : 31.28  0.31 (1.00%) @ 3:13PM
MGM Resorts share price Chart

MGM Resorts Nears Deal to Sell MGM Grand, Mandalay Bay to Joint Venture Including Blackstone

MGM Resorts (NYSE:MGM)
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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.

 

(END) Dow Jones Newswires

January 14, 2020 08:15 ET (13:15 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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