MGM Resorts acquires remaining 50% CityCenter stake for $2.12bn

| By Marese O'Hagan
MGM Resorts has announced the closing of its purchase of Infinity World Development Corp's 50% interest in CityCenter Holdings for $2.12bn (£1.57bn/€1.82bn).

CityCenter Holdings – a project from MGM Resorts and Infinity World – owns the CityCenter Las Vegas development. It includes the Aria resort, Vdara hotel and the residential Veer Towers.

Following the closing of the transaction, MGM Resorts repaid CityCenter’s debt, which totaled $1.73bn as of June 30 2021.

In addition, MGM Resorts also announced the closing of its sale-leaseback agreement with Blackstone, wherein Blackstone will acquire the real estate assets of MGM’s Aria and Vdara properties at CityCenter for $3.89bn.

As part of the deal, MGM Resorts has leased the property from Blackstone but will continue to manage all aspects of the property.

Earlier this week, Blackstone chose to sell The Cosmopolitan in Las Vegas for $5.65bn, with MGM Resorts paying $1.63bn in cash to operate the property.

As part of the agreement, MGM Resorts will lease the property from its new owners- the Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust- for 30 years with three 10-year renewal options.

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