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MGM Resorts Agrees to Sell MGM Grand and Mandalay Bay

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MGM Resorts International announced Tuesday it plans to sell the MGM Grand and Mandalay Bay properties on the Las Vegas Strip for $2.5 billion.

According to the Wall Street Journal, MGM Growth Properties LLC announced as part of its partnership with private-equity and real estate company Blackstone Group that it would purchase the two properties, with MGM Resorts continuing to operate them for an initial rent of $292 million.

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MGM Resorts plans to close the deal by the end of March, subject to certain closing conditions.

“These announcements represent a key milestone in executing the company’s previously communicated asset-light strategy, one that enables a best-in-class balance sheet and strong free cash flow generation to provide MGM Resorts with meaningful strategic flexibility to create continued value for our shareholders,” MGM Resorts CEO Jim Murren said in a statement.

The sale of the MGM Grand and Mandalay Bay come after MGM Resorts announced two blockbusters deals in October.

Not only did the company reach an agreement to sell Circus Circus Las Vegas for $825 million to an affiliate of Treasure Island owner Phil Ruffin, but it also sold the Bellagio for $4.25 billion to Blackstone Real Estate Income Trust.

Combined, the sales of the four properties are “expected to provide total net cash proceeds to MGM Resorts of $8.2 billion.”

“The valuation levels achieved on the Bellagio and MGM Grand Las Vegas transactions are a testament to MGM Resorts as a high-quality tenant and our overall asset quality,” MGM Resorts’ Paul Salem said. “The robust interest in our recent transactions further validates the company’s conviction on being able to unlock value for our shareholders through its asset light strategy.”

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Vegas’ Venetian Resort Giving Free Night to Essential Workers

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As Las Vegas slowly comes back to life with the reopening of hotels and casinos next week, the Venetian Resort wants to thank all the essential workers who were so instrumental in helping to fight the deadly coronavirus.

As part of its ‘Share the Love’ program, the Venetian is offering a free night to essential workers at its hotel, which features the two towers on the Las Vegas Strip. The offer is good for a stay through Dec. 29, 2020. And if the essential worker would like to add any additional nights, they will be at the hotel’s special ‘Friends & Family’ rate.

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Per the Venetian, first responders and other essential workers include employees from the following services and sectors:

—Fire services, law enforcement agencies, emergency medical services & public safety agencies

—Healthcare services

—Businesses or organizations that provide food, shelter, or critical social services for disadvantaged populations

—Public utilities

—Trash collection

—Home maintenance/repair services

—Auto repair services & trucking service centers

—Grocery stores, supermarkets, hardware stores, convenience & discount stores

—Pharmacies, healthcare operations, & biomedical facilities

—Post offices & shipping outlets

—Gas stations & truck stops

—Banks & financial institutions

—Veterinary services & pet stores

—Laundromats & dry cleaners

—Food processing

—Agriculture, livestock & feed mills

—Logistics & Supply Chain Operations: Warehousing, storage, distribution, and supply-chain related operations

—Public transportation

—Air transportation

—Essential stays in hotels, commercial lodging, dormitories, shelters, and homeless encampments

Those interested must call 866-275-9040 to take advantage of the free room for essential workers.

Visit venetian.com/sharethelove for more information on the program.

This post was published by our news partner: TravelPulse.com | Article Source

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