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We welcome feedback, which you can provide using the feedback tab on the right of the page. The deal is part of MGM's 'asset light' strategy to generate cash by selling real estate and use it for growth avenues such as sports betting and casino development in Japan.
The deals are expected to close in the third quarter. MGM shares were up 2. MGM Resorts International agreed to take full ownership of the huge CityCenter property on the Las Vegas Strip in a complex arrangement to sell real estate but still gain all the revenues from operating the massive Strip casino, the company said Thursday. If the deal finalizes, MGM, which is the largest operator on the Strip, would continue a now well-worn financial strategy to bulk up its cash balance while owning less real estate in Vegas.
The announcement comes as the gambling industry recovers from the pandemic, with tourists returning to the Strip and casino operators reporting busy weekends. MGM operates 13 resorts on the Strip. The deals announced Thursday are expected to close in the third quarter, the company said.
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