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Home » MGM is selling Mirage casino: ‘We have enough of Las Vegas’

MGM is selling Mirage casino: ‘We have enough of Las Vegas’

The company issued an earnings call late Wednesday, explaining that analysts don’t want to put much money into the assets known for the 32-year-old explosives. No buyers or prices have been disclosed for the Mirage.

MGM Resorts CEO Bill Hornbuckle said on the call that he is in the “first phase of the sale process for the operations” of the Mirage. “Doing so will allow us to maintain our current exposure to Las Vegas while complementing and diversifying our offerings at home,” he said.

“There’s 77 acres of land, a lot of it is really undeveloped in terms of what could be out there,” Hornbuckle said of the growth at Marriage Power under the new owner. “Because we’re looking at a capital city destination and looking at the concept of diversity, we have enough of Las Vegas.”

MGM (MGM) He owns about a dozen properties in Las Vegas, including the Bellagio, MGM Grand and Mandalay Bay. The Mirage opened in 1989 under former owner Steve Wynn and was purchased by MGM in 2000.
The Mirage is one of several sales that have occurred in Las Vegas in recent years. In 2019, MGM Circus sold the circus for $825 million and formed joint ventures with private equity. Black room (BGB) to acquire the Bellagio estate and charge it to MGM Investments on a $4.25 bill.
MGM is using the funds to invest billions of dollars in a new casino in Osaka, Japan. It is also expanding sports betting in the United States. But don’t give up on the Las Vegas strip, announcing he bought it in the September Cosmopolitan for $1.6 billion. The event is expected to close next year.

MGM’s stock jumped 4% in trading after it announced third-quarter earnings.

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