![]() The sales equated to 17.3 times the Bellagio’s rent and 15.75 times the MGM Grand’s. MGM Resorts is paying annual rent of $245 million to operate the Bellagio and $290 million to operate MGM Grand and Mandalay Bay, whose ownership was transferred by MGM Growth into its new joint venture partnership with New York-based Blackstone Group. ![]() ![]() The Strip’s land value played out in the Bellagio and MGM Grand deals. Those 76 acres includes the 4,000-room Aria resort, two non-gaming hotels, an all-residential building and a luxury shopping mall, and the land value has increased given the company’s redevelopment efforts on the Strip’s south end over the last few years. MGM Springfield is probably the next target, and he would like to sell the Cit圜enter stake. MGM Resorts Chairman and CEO Jim Murren said the company is not done. “It could be some time before investors are able to gauge the success of the ongoing asset-light initiative and the ultimate return on an Osaka new-build.” “Ultimately, we view MGM’s real estate monetization strategy as effectively pre-funding the balance sheet for a potential Japan win,” said SunTrust Bank gaming analyst Barry Jonas.
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