LAS VEGAS, April 26, 2018 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that it has recently entered into a definitive
agreement to sell the Mandarin Oriental Las Vegas (the "Hotel") and
adjacent retail parcels for approximately $214 million in cash, subject to satisfactory
completion of due diligence and customary closing conditions.
The transaction is expected to close in the summer of 2018.
The Hotel is located at the entryway of CityCenter and in the
heart of the Las Vegas Strip featuring 392 guestrooms, including 57
suites, 12,000 square feet of meeting space, five food and beverage
outlets, and a two-level 27,000 square-foot spa. The Hotel is
LEED® Gold certified from the U.S. Green Building Council.
About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of
MGM Resorts International and 50% owned by Infinity World
Development Corp (a wholly owned subsidiary of Dubai World), is a
mixed-use development on the Las Vegas Strip located between the
Bellagio and Monte Carlo resorts
that includes ARIA Resort & Casino, a 4,004-room casino resort;
Vdara Hotel and Spa, a 1,495-room luxury condominium-style hotel;
and the Veer Towers, which contain 669 luxury condominium
residences.
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties. Forward-looking statements are based on
management's current expectations and assumptions and not on
historical facts. Examples of these statements include, but are not
limited to, statements regarding the timing of the closing of the
transaction. Among the important factors that could cause actual
results to differ materially from those indicated in such
forward-looking statements include the effects of local and
national economic, credit, and capital market conditions on the
economy, in general, and on the gaming industry and that the
completion of the transaction described herein is subject to
customary closing conditions, including the completion of a due
diligence period, which may not be satisfied.
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SOURCE CityCenter Holdings, LLC