MGM in talks to sell Circus Circus to Trump partner in Las Vegas
Monday 23 de September 2019 / 04:08
⏱ 1 min read
(United States).- MGM Resorts International, the largest casino operator on the Las Vegas Strip, is in talks to sell its Circus Circus property there to real estate mogul Phil Ruffin, according to people familiar with the deal.
An accord to sell the resort could be announced as part of a larger transaction involving the company’s real estate portfolio, which also includes the Bellagio and the flagship MGM Grand.
MGM has been restructuring under pressure from activist investors. The company has cut and reorganized management, and previously sold all but four of its wholly owned casinos to MGM Growth Properties Inc., a real estate investment trust it created three years ago.
Bloomberg reports that the firm is engaged in talks relating to the sales of flagship properties Bellagio and MGM Grand to Blackstone Group. CEO Jim Murren has also indicated that it is his intention to disclose the results of a board-level study of the company's real estate by early fall.
Circus Circus, once a property of publicly-traded company Circus Circus Enterprises, is over 50 years old and was acquired by MGM. It is located in the less-trafficked end of the Strip.
Ruffin, meanwhile, has done business with MGM in the past. The real estate mogul bought the Treasure Island casino from the company for $746 million in 2009 when it was trying to raise cash after the financial crisis and to finish the building of its CityCenter project. He spruced things up by adding a western-themed barbeque restaurant and other amenities to target guests from middle America. Prior to that, he partnered with now US President Donald Trump over the Trump International Hotel.
Categoría:Casino
Tags: Sin tags
País: United States
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