MGM set to reposition Las Vegas casinos

MGM Resorts International has agreed on a deal to reposition two Las Vegas casinos with MGM Growth Properties.

US.- Two Las Vegas casinos are set to be repositioned in the near future after MGM Resorts International and MGM Growth Properties (MGP) agreed to invest in promoting Parg MGM and NoMad Las Vegas casinos.

MGP will pay MGM Resorts consideration of US$637.5 million in concept of investments to reposition both venues. Furthermore, the annual rent between both companies is expected to increase by US$50 million under the terms of the deal.

Jim Murren, Chairman and CEO of MGM Resorts, said: “The creation of Park MGM and NoMad Las Vegas, in conjunction with T-Mobile Arena, Park Theater and the entire mid-Strip neighborhood, further solidify our position as a global resort and entertainment leader.

“MGM Resorts will continue to deliberately reduce our owned real estate through accretive transactions in the future. MGP is an attractive partner to achieve this goal. We remain committed to our stated strategic objectives, including reducing our ownership stake in MGP.”