MGM Resorts announced Tuesday that its flagship resort MGM Grand and Mandalay Bay on the Las Vegas Strip will be sold for $4.6 billion.
This is the second major joint venture between MGM and Blackstone Real Estate Income Trust (BREIT) in the past three months.
MGM Resorts expects the multi-billion-dollar deal to give them net cash proceeds of approximately $2.4 billion.
Despite the real estate dealings, operations of the resorts will remain in-house and continue as normal, MGM Director of Corporate Media Relations Brian Ahern said Tuesday.
The net cash profit is valued at $8.2 billion, following last October’s transactions with Bellagio and Circus Circus.
MGM announced its first joint venture with BREIT on Oct. 15, 2019, leasing the Bellagio, a Strip resort valued at $4.5 billion.
These leasing transactions are part of the company’s “asset-light” growth strategy.
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