MGM Resorts International announced on Wednesday that it would sell operations at The Mirage hotel and casino on the Las Vegas Strip.
According to the Las Vegas Review journal, MGM Resorts President Bill Hornbuckle posted a letter to employees stating that the company is in the early stages of selling The Mirage property, but that no sale is imminent.
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Hornbuckle said the decision to sell the operations of the historic hotel and casino was “best for the long-term success of both the property and MGM Resorts.”
MGM Resorts President said The Mirage was the “crown jewel” for another operator’s portfolio and the company has now decided to sell. The company has no plans to sell any more properties along the Las Vegas Strip.
As part of the announcement, Hornbuckle said that the employees who work at the Mirage complex now and will work “business as usual” during the eventual transition.
Additionally, the Las Vegas Review-Journal reported that the underlying Mirage property is owned by MGM Growth Properties, which is being bought by New York-based Vici Properties in a $ 17.2 billion deal that Expected to be completed in 2022.
In related news, Caesars Entertainment announced plans to sell at least one of its properties along the Las Vegas Strip in 2022, CEO Tom Reeg said during a phone call with investors this week.
“We are considering selling a strip asset. Expect to get this going in early 2022, ”Reeg said. “We expect to be aggressive on the refinancing front in 2022 to reduce debt costs, and that should add up to well over $ 5 billion by 2022.”
“Some of that is spent on digital and other on capital projects that increase ROI, but the majority is used to pay off debt,” Reeg continued.
