New call-to-action
Connect Events

Whether digital or in-person, Connect Events set the stage to bring together relevant content with CRE’s most active players to engage, influence and inform.

Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Phoenix & Southwest  + Southwest  + Hospitality  | 
Aria

MGM Finalizes Deals Valued at $2B and $3.9B

MGM Resorts International closed on the previously announced purchase of Infinity World Development Corp’s 50 percent interest in CityCenter Holdings LLC for $2.125 billion. In addition, MGM Resorts and Blackstone have also closed the previously announced sale-leaseback agreement for Blackstone to acquire the real estate assets of Aria and Vdara for $3.89 billion.

Following the transaction, MGM Resorts leased the property from Blackstone and continues to manage, operate and be responsible for all aspects of the property. In connection with the closing of the transactions, the company has fully retired CityCenter’s debt. As of June 30, 2021, CityCenter had cash and cash equivalents of $307 million and total debt of $1.73 billion.

PJT Partners served as exclusive financial adviser and Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts on both transactions. Citigroup Global Markets Inc., J.P. Morgan, Morgan Stanley & Co. LLC, and Wells Fargo served as financial advisers to Blackstone. Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone. Moelis & Company LLC served as exclusive financial adviser and Paul Hastings LLP served as legal counsel to Infinity World.

Connect

Inside The Story

MGM Resorts International

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition