16.10.2019, 14:49
Casinos from "Ocean's Eleven" and "Bond" Decided to Sell for $ 5 Billions
Source: OREANDA-NEWS
OREANDA-NEWS. Two of the largest casino hotels in the world will immediately change owners. MGM Resorts International (MGMRI) has announced binding agreements to sell its Lasagas-based Bellagio and Circus Circus.
As part of the first of the transactions, which is planned to close before the end of 2019, the new owner of the Bellagio hotel-casino (more than 3.9 thousand rooms, 15th place in the rating of the largest hotels in the world) will be a joint venture between MGMRI and Blackstone Real Estate Income Trust ( BREIT). MGMRI's share in the joint venture will be only 5%, for the remaining 95% the company will receive $ 4.2 billion. Under the terms of the agreement, the new owner of Bellagio will transfer the hotel-casino for rent to its daughter MGMRI, which will pay $ 245 million annually.
The new owner of the Circus Circus complex (more than 3.7 thousand rooms, 17th place in the rating of the largest hotels) will be a company affiliated with Phil Ruffin, who owns the Treasure Island casino hotel in Las Vegas (more than 2.8 thousand numbers , 30th place). Under the deal, MGMRI will receive $ 825 million, of which $ 662.5 million will be received immediately, and the payment of the remaining $ 162.5 million will be delayed until 2024.
As part of the first of the transactions, which is planned to close before the end of 2019, the new owner of the Bellagio hotel-casino (more than 3.9 thousand rooms, 15th place in the rating of the largest hotels in the world) will be a joint venture between MGMRI and Blackstone Real Estate Income Trust ( BREIT). MGMRI's share in the joint venture will be only 5%, for the remaining 95% the company will receive $ 4.2 billion. Under the terms of the agreement, the new owner of Bellagio will transfer the hotel-casino for rent to its daughter MGMRI, which will pay $ 245 million annually.
The new owner of the Circus Circus complex (more than 3.7 thousand rooms, 17th place in the rating of the largest hotels) will be a company affiliated with Phil Ruffin, who owns the Treasure Island casino hotel in Las Vegas (more than 2.8 thousand numbers , 30th place). Under the deal, MGMRI will receive $ 825 million, of which $ 662.5 million will be received immediately, and the payment of the remaining $ 162.5 million will be delayed until 2024.
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