MGM Resorts International is working to sell its MGM Grand property on the Strip in the same way it moved its flagship Bellagio resort, the Las Vegas Review-Journal reports.
The company’s real estate sale of the Bellagio was the first of what could be several similar transactions in the company’s “asset-light” strategy to grow the company and invest in new opportunities while returning more money to investors, company leaders said Thursday.
MGM Chairman and CEO Jim Murren said in a conference call with investors that a real estate sale for the MGM Grand probably would be announced before the end of the year.
Under terms of the Bellagio deal, MGM maintains a 5 percent equity stake in the property and will pay $245 million annually in rent as it continues to maintain and operate the resort.