MGM Resorts to buy Infinity World's share in CityCenter for over $2 billion
(Reuters) -MGM Resorts will buy the remaining 50% stake in its joint venture on the Las Vegas Strip from Infinity World Development Corp, a unit of investment firm Dubai World, for $2.12 billion, the U.S. casino operator said on Thursday.
The venture, CityCenter Holdings, is an urban complex comprising of Aria Resort and Casino and Vdara Hotel and Spa.
After the purchase, MGM said it will sell the Aria and Vdara properties to private equity firm Blackstone for $3.89 billion in cash.
Blackstone will lease both the properties to MGM for an initial annual rent of $215 million, the company said. The deals are expected to close in the third quarter.
MGM’s purchase price for CityCenter values the complex at about $5.8 billion, including net debt of $1.5 billion.
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