Deals

MGM Sets Year-End Target for Sale of MGM Grand in Las Vegas

Resort is one the last properties held by the casino operator
CEO says company would favor offer from affiliated REIT

Cars leave the MGM Resorts International Grand Hotel & Casino in Las Vegas.Photographer: David Paul Morris/Bloomberg

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By Christopher Palmeri

October 30, 2019 at 9:06 PM UTC

Updated on

October 30, 2019 at 10:45 PM UTC

MGM Resorts International expects to announce a buyer for its flagship MGM Grand resort in Las Vegas by the end of year, marking one of the final steps toward its goal of becoming an “asset-light” casino operator.

The company agreed this month to sell the Bellagio resort in Las Vegas to Blackstone Group in a $4.25 billion deal under which MGM will continue to manage the property. MGM is also selling its Circus Circus casino in the city to real estate mogul Phil Ruffin.