CityCenter Closes $214M Sale of Mandarin Oriental Las Vegas

CityCenter Holdings, LLC, a venture between MGM Resorts International and Infinity World Development Corp., closed on the sale of the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million in cash. The property, which includes 392 guestrooms, is now part of the Waldorf Astoria portfolio.

MGM Resorts International’s Jim Murren says, “CityCenter has continued to deliver strong operating results, and has cemented itself as a premier luxury destination in Las Vegas. As a result of its financial strength and the closing of this transaction, CityCenter expects to return approximately $200 million to its owners, MGM Resorts and Infinity World, during the third quarter.”

CityCenter expects to use the proceeds from the sale to pay a dividend to its shareholders. The property also includes 57 suites, 12,000 square feet of meeting space, five food and beverage outlets, and a two-level 27,000 square-foot spa.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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CityCenter Closes $214M Sale of Mandarin Oriental Las Vegas

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CityCenter Closes $214M Sale of Mandarin Oriental Las Vegas

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About Dennis Kaiser