MGM Buys CityCenter, Selling Aria and Vdara
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…
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