August 27, 2021
A deal has been struck where MGM buys CityCenter on the Las Vegas Strip from Infinity World Development for $2.125 billion. Infinity and MGM had each owned 50% of the property. The deal then allows MGM to then sell the real estate of the Aria and Vdara to the Blackstone Group for $3.89 billion.
The agreements for both CityCenter and the resort properties should be completed this fall, after which MGM will pay the Blackstone Group $215 million per year for rent as they continue to operate both hotels. Blackstone already owns the Cosmopolitan of Las Vegas, also located at CityCenter.
Additionally, the Blackstone Group owns stakes other MGM properties in Vegas. They acquired almost 50% of both MGM Grand and Mandalay Bay in 2020. And Blackstone acquired 95% of the Bellagio real estate in 2019. MGM also pays rent in those deals.
You can read more about the deal where MGM buys CityCenter and it’s details when you visit the Travel Weekly website.
