MGM Resorts International Closes Purchase Of Infinity World’s 50% Interest In CityCenter And Completes Sale-Leaseback Transaction Of CityCenter Real Estate Assets With Blackstone
Originally published at EDGe Vegas
LAS VEGAS, Sept. 28, 2021 /PRNewswire/ — MGM Resorts International (“MGM Resorts” or the “Company”) (NYSE: MGM) today announced the closing of the previously announced purchase of Infinity World Development Corp’s (“Infinity World”) 50 percent interest in CityCenter Holdings, LLC for $2.125 billion.
In addition, MGM Resorts and Blackstone have also closed the previously announced sale-leaseback agreement for Blackstone to acquire the real estate assets of Aria and Vdara for $3.89 billion.
Following the transaction, MGM Resorts has leased the property from Blackstone and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis.
In connection with the closing of the transactions, the Company has fully retired CityCenter’s debt. As of June 30, 2021, CityCenter had cash and cash equivalents of $307 million and total debt of $1.73 billion.
The transaction was announced on July 1, 2021.
PJT Partners served as exclusive financial advisor and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts on both transactions.
Citigroup Global Markets Inc., J.P. Morgan, Morgan Stanley & Co. LLC, and Wells Fargo served as financial advisors to Blackstone. Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.
Moelis & Company LLC served as exclusive financial advisor and Paul Hastings LLP served as legal counsel to Infinity World.
