MGM Resort to sell MGM Grand real estate assets for $2.5 bln to MGM Growth Properties, Blackstone JV

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MGM Resorts to sell MGM Grand Las Vegas for $2.5 billion

MGM Resorts International announced Monday an agreement to sell the MGM Grand Las Vegas real estate assets in a deal valued at $2.5 billion, to a newly formed joint venture between MGM Growth Properties LLC and Blackstone Real Estate Income Trust. As part of the deal, MGM Resorts expects to receive net proceeds of $2.4 billion, and about $85 million worth of MGM Growth Properties operating partnership units. The MGM Grand sale follows previous deals to sell Bellagio and Circus Circus Las Vegas deals, which combined will provide MGM Resorts net cash proceeds of $8.2 billion. MGM Resorts’ stock, which rose 0.9% in premarket trading, has hiked up 19.3% over the past three months, while the S&P 500 has gained 10.9%.

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