MGM has sold multiple megaresorts on the Strip over the past few years to Blackstone and leased them back as part of its “asset-light” strategy of shedding ownership of its real estate. As announced in July, MGM is leasing the properties back for an initial annual rent of $215 million. ![]() The New York financial conglomerate purchased the hotels’ real estate for nearly $3.9 billion. ![]() MGM announced Tuesday that it completed a $2 billion-plus buyout of its partner in the multi-tower Cit圜enter complex, giving the casino giant full ownership of the Aria and Vdara resorts, and that it closed its sale-leaseback of those properties with Blackstone. Cannon/Las Vegas Review-Journal) day after it unveiled plans to operate The Cosmopolitan of Las Vegas, MGM Resorts International said it closed a sale-leaseback of two other towering hotels on the Strip - with the Cosmo’s seller, no less. Aria and Vdara in Las Vegas Thursday, July 1, 2021.
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