MGM Resorts International
has concluded a purchase contract 125 percent 125 Infinity World Development Corp participation in CityCenter Holdingsmaking it the sole owner.
A purchase price of $ 2.125 billion represents an implied valuation of $ 5.8 billion based on $ 1.5 billion net debt, following the recently completed sale of a two-acre plot of land. The lane where the CityCenter is located is also home to the Aria Resort & Casino and Vdara Hotel and Spa, which the company plans to monetize.
Bill Hornbuckle, CEO and president of MGM Resorts
, commented: “CityCenter has consistently improved the quality of Las Vegas over the years, contributing to the undeniable position of this bustling city as a premier tourist and business destination. Combining the entire CityCenter within MGM Resorts' corporate structure and strategy will allow us to consolidate our bottom line, build on our efforts to strengthen our operating model and guest experience, and make our vision of becoming the world's leading gaming entertainment company a reality. "
Moreover, the company concluded an agreement with Blackstone