MGM Sets Year-End Target for Sale of MGM Grand in Las Vegas - Bloomberg

MGM Sets Year-End Target for Sale of MGM Grand in Las Vegas - Bloomberg:

MGM Resorts International expects to announce a buyer for its flagship MGM Grand resort in Las Vegas by the end of year, marking one of the final steps toward its goal of becoming an “asset-light” casino operator.

The company agreed this month to sell the Bellagio resort in Las Vegas to Blackstone Group in a $4.25 billion deal under which MGM will continue to manage the property. MGM is also selling its Circus Circus casino in the city to real estate mogul Phil Ruffin.

Chief Executive Officer Jim Murren said on a conference call Wednesday that he’ll use the proceeds from the MGM Grand sale to reduce debt and invest in new growth opportunities, including a potential $10 billion casino in Japan and sports betting in the U.S.