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

Date : 15/01/2020 @ 00:30
Source : Dow Jones News
Stock : MGM Resorts International (MGM)
Quote : 34.54  0.52 (1.53%) @ 12:00
MGM Resorts share price Chart
After Hours
Last Trade
Last $ 34.54 ◊ 0.00 (0.00%)

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

MGM Resorts (NYSE:MGM)
Historical Stock Chart

1 Month : From Dec 2019 to Jan 2020

Click Here for more MGM Resorts Charts.
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.
Your Recent History
FX
EURAUD
Euro vs Au..
FX
USDAUD
US Dollar ..
ASX
WPL
Woodside
NASDAQ
AAPL
Apple
ASX
BHP
BHP Bilito..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:au D:20200120 03:26:31