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MGM Grand, Mandalay Bay Sold to Investment Group for $4.6 Billion

The casino giant leases back the two properties when the sale is finalized

The front of the MGM Grand
MGM Grand
MGM Resorts [Official Site]

MGM Resorts continues to sell off property, this time putting the MGM Grand and Mandalay Bay on the market. Private-equity and real estate company Blackstone Group and MGM Growth Properties LLC announced plans to purchase the two resorts and casinos for around $4.6 billion, according to ABC News. MGM Growth Properties will own 50.1 percent of the joint venture while Blackstone takes the other 49.9 percent. Both properties will be run by MGM Resorts for an initial rent of $292 million. The sale brings cash proceeds of about $2.4 billion.

Last October, MGM Resorts sold the real estate of the Bellagio to a joint venture with Blackstone for about $4.25 billion. Last month, MGM Resort said it closed on the sale of Circus Circus and 37 neighboring acres for $825 million to Treasure Island’s Phil Ruffin.

MGM Resorts plans to close the deal by the end of March.

MGM Grand features restaurants such as Hakkasan, two from Joel Robuchon, Emeril’s New Orleans Fish House, Tom Colicchio’s Craftsteak, Morimoto, and newcomers Ambra Italian Kitchen + Bar and the just opened International Smoke from Michael Mina and Ayesha Curry. Mandalay Bay’s restaurants include Border Grill from Mary Sue Milliken and Susan Feniger, Aureole from Charlie Palmer, Libertine Social from Shawn McClain, Fleur by Hubert Keller, Kumi from Akira Back, and Wolfgang Puck’s Lupo.

MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B [ABC News]

Cosmopolitan Owner Buys the Bellagio in a Leaseback Deal [ELV]

The Rio and Circus Circus Sold in Two Blockbuster Deals [ELV]

AM Intel [ELV]

Aureole

3950 Las Vegas Blvd. S., Las Vegas, NV 89119 (702) 632-7427 Visit Website

Mandalay Bay

3950 South Las Vegas Boulevard, , NV 89119 (702) 632-7777 Visit Website

Craftsteak

3799 South Las Vegas Boulevard, , NV 89109 (702) 891-7318 Visit Website

Libertine Social

3950 South Las Vegas Boulevard, , NV 89119 (702) 632-7558 Visit Website

International Smoke

3799 South Las Vegas Boulevard, , NV 89109 (702) 891-3922 Visit Website

Emeril's New Orleans Fish House

3799 Las Vegas Boulevard South, , NV 89109 (702) 891-7374 Visit Website

Border Grill

3500 Las Vegas Blvd South, Las Vegas, NV 89109 (702) 854-6700 Visit Website

The Market

611 Fremont St, Las Vegas, NV 89101

Fleur by Hubert Keller

3950 South Las Vegas Boulevard, , NV 89119 (702) 632-9400 Visit Website

L'Atelier De Joel Robuchon

3799 South Las Vegas Boulevard, , NV 89109 (702) 891-7358 Visit Website

Tom Colicchio's Craftsteak

3799 Las Vegas Boulevard S, Las Vegas, NV 89109 702-891-7318 Visit Website

KUMI

3950 South Las Vegas Boulevard, , NV 89119 (702) 632-9100 Visit Website

MGM Grand

3799 South Las Vegas Boulevard, , NV 89109 (877) 880-0880 Visit Website

Morimoto

3799 South Las Vegas Boulevard, , NV 89109 (702) 891-3001 Visit Website

Joël Robuchon

3799 Las Vegas Boulevard South, Las Vegas, NV 89109 702-891-7925 Visit Website

Hakkasan

3799 Las Vegas Blvd S, Las Vegas, NV 89109 (702) 891-7888 Visit Website

Ambra Italian Kitchen + Bar

3799 South Las Vegas Boulevard, , NV 89109 (702) 891-7600 Visit Website

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