Related: Caesars Sells Rio Hotel to New York Firm MGM Resorts CEO Jim Murrin said the sales would “build a fortress balance sheet and return capital to shareholders.” He said the goal was to free up cash, offering MGM flexibility to operate in new and different ways-including sports betting and expanding to Osaka, Japan. The company is also selling Circus Circus to the owners of Treasure island for $825 million. Blackstone already owns Cosmopolitan of Las Vegas.Ī press release from MGM calls the deal a “landmark transaction for the gaming and entertainment industry.” The casino operator will retain a 5 percent stake and will lease back and continue to operate the property.
MGM Resorts International announced on Tuesday that it is selling the famed Bellagio fountains on The Las Vegas Strip-and the building that goes with them-to the real estate investment trust Blackstone Group at a valuation of $4.25 billion.
