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MGM Resorts International is looking to merchantability the operations of The Mirage, institution CEO Bill Hornbuckle said Wednesday.
“I mentioned successful the past that we are blessed with the magnitude of vulnerability we presently person successful Las Vegas. As such, we are presently successful the aboriginal stages of a process to merchantability the operations of the Mirage,” Hornbuckle said, during a quarterly net telephone Wednesday afternoon.
Hornbuckle did not notation immoderate imaginable buyers.
The underlying existent property of the Mirage is owned MGM Growth Properties, which is being bought by New York-based Vici Properties successful a $17.2 cardinal deal that was announced successful August and expected to adjacent successful the archetypal fractional of 2022. MGM Resorts inactive owns the operations of the resort, which is what the institution is looking to sell.
The selling of The Mirage would beryllium the latest successful a flurry of transactions for Las Vegas Strip properties, respective of which MGM has been progressive in.
The gaming elephantine precocious announced that it was purchasing the operations of The Cosmopolitan of Las Vegas for $1.6 billion. It besides precocious moved to bargain retired its spouse successful CityCenter for $2.1 cardinal and instrumentality afloat power of The Aria and Vdara resorts, and past turned astir and sold the spot to The Blackstone Group for astir $3.9 cardinal successful a leaseback deal.
One of the different large portion operators, Caesars Entertainment, is besides looking to merchantability 1 of its Las Vegas Strip properties. Caesars CEO Tom Reeg said Tuesday the institution is looking to commencement that process successful aboriginal 2022, though the institution has yet to accidental which spot it is looking to offload.
This is simply a processing story. Check backmost for updates.
Contact Colton Lochhead astatine clochhead@reviewjournal.com. Follow @ColtonLochhead connected Twitter.
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