LAS VEGAS: MGM Resorts will buy the remaining 50 percent stake in its joint venture on the Las Vegas Strip from a unit of investment firm Dubai World for $2.12 billion, the US casino operator said on Thursday.
The venture, CityCenter Holdings, is an urban complex comprising Aria Resort and Casino and Vdara Hotel and Spa.
After buying it from Infinity World Development Corp, MGM said it will sell the two properties to private equity firm Blackstone for $3.89 billion in cash.
The deal is part of MGM’s ‘asset light’ strategy to generate cash by selling real estate and use it for growth avenues such as sports betting and casino development in Japan.
“We expect to continue executing on our asset-light strategy and utilizing the proceeds from our real estate transactions to...secure new growth opportunities,” MGM Resorts Chief Executive Bill Hornbuckle said.
Blackstone will lease the Aria and Vdara properties to MGM for an initial annual rent of $215 million, the company said. The deals are expected to close in the third quarter.
MGM’s purchase price for CityCenter values the complex at about $5.8 billion, including net debt of $1.5 billion.
MGM shares were up 2.7 percent after having gained about 35 percent up to Wednesday’s close this year.
MGM Resorts to own CityCenter, buys partner Dubai World’s stake for over $2bn
https://arab.news/zhbz8
MGM Resorts to own CityCenter, buys partner Dubai World’s stake for over $2bn
- CityCenter Holdings, is an urban complex comprising Aria Resort and Casino and Vdara Hotel and Spa
- MGM said it will sell the two properties to private equity firm Blackstone for $3.89 billion
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
