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{"id":117544,"date":"2021-07-01T14:24:22","date_gmt":"2021-07-01T14:24:22","guid":{"rendered":"https:\/\/fin2me.com\/?p=117544"},"modified":"2021-07-01T14:24:22","modified_gmt":"2021-07-01T14:24:22","slug":"mgm-resorts-to-buy-infinity-worlds-share-in-citycenter-for-over-2-billion","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/mgm-resorts-to-buy-infinity-worlds-share-in-citycenter-for-over-2-billion\/","title":{"rendered":"MGM Resorts to buy Infinity World's share in CityCenter for over $2 billion"},"content":{"rendered":"

(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.<\/p>\n

The venture, CityCenter Holdings, is an urban complex comprising of Aria Resort and Casino and Vdara Hotel and Spa.<\/p>\n

After the purchase, MGM said it will sell the Aria and Vdara properties to private equity firm Blackstone for $3.89 billion in cash.<\/p>\n

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.<\/p>\n

MGM\u2019s purchase price for CityCenter values the complex at about $5.8 billion, including net debt of $1.5 billion.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"