MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B

MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B

LAS VEGAS (AP) — MGM Resorts International is selling the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture for about $2.5 billion. The joint venture includes private-equity and real estate company Blackstone Group and MGM Growth Properties LLC. The joint venture will be owned 50.1% by MGM Growth Properties and 49.9% by Blackstone. It will also acquire the real estate assets of Mandalay Bay from MGM Growth Properties and lease both properties to MGM Resorts for an initial rent of $292 million. MGM Resorts anticipates cash proceeds of approximately $2.4 […]

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