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MGM’s stock jumped 4% in premarket trading following the news of the sale and posting a third-quarter profit. That transaction is expected to close next year. But it’s not completely abandoning the Las Vegas Strip, announcing in September it was buying the Cosmopolitan for $1.6 billion. It’s also expanding sports betting in the United States. MGM is using the money to invest billions of dollars in a new casino in Osaka, Japan. (BGB) to acquire the Bellagio’s real estate and lease it back to MGM Resorts in a $4.25 billion agreement.
In 2019, MGM sold Circus Circus for $825 million and formed a joint venture with private equity firm Blackstone Mirage is just one of the number of sales that have happened in Las Vegas in recent years. The Mirage opened in 1989 under previous owner Steve Wynn and was purchased in 2000 by MGM. MGM owns about a dozen properties in Las Vegas, including the Bellagio, MGM Grand and Mandalay Bay. “As we look at capital allocation and we look at the notion of diversification, we have enough of Las Vegas.” “There’s 77 acres, much of it’s really undeveloped in the context of what could be there,” Hornbuckle said of the Mirage’s potential growth under a new owner. The Mirage hotel in Las Vegas Daniel Slim/AFP/Getty Images
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