LAS VEGAS, Aug. 30, 2018 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that it has closed on the sale of the Mandarin
Oriental Las Vegas and adjacent retail parcels for $214
million in cash. CityCenter expects to use the proceeds from
the sale to pay a dividend to its shareholders.
"CityCenter has continued to deliver strong operating results
and has cemented itself as a premier luxury destination in
Las Vegas," said Jim Murren, Chairman and Chief Executive Officer
of MGM Resorts International. "As a result of its financial
strength and the closing of this transaction, CityCenter expects to
return approximately $200 million to
its owners, MGM Resorts and Infinity World during the third
quarter."
"We thank the employees of the Mandarin Oriental Las Vegas and
welcome the Waldorf Astoria team to the CityCenter campus," said
Bill Grounds, President and COO of
Infinity World Development Corp. "We wish them all the best in the
future."
The hotel is located at the entryway of CityCenter and in the
heart of the Las Vegas Strip currently 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.
Jones Lang LaSalle Brokerage, Inc. acted as the advisor to
CityCenter in connection with the transaction.
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 Park MGM 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 and amount of any
dividend to the CityCenter owners. Among the important factors that
could cause actual results to differ materially from those
indicated in such forward-looking statements include the effects of
economic and market conditions in Las
Vegas and competition with other destination travel
locations throughout the United States and the
world. In providing forward-looking statements, CityCenter is
not undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or otherwise
except as required by law.
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SOURCE MGM Resorts International