LAS VEGAS, April 26, 2021 /PRNewswire/ -- CityCenter
Holdings, LLC ("CityCenter"), a venture between MGM Resorts
International (NYSE: MGM) and Infinity World Development Corp,
today announced that it has entered into a definitive agreement to
sell its two-acre site to 63SLVB, LLC, owned by locally-based
long-time national retail developers Brett
Torino of Torino Development and Paul and Dayssi Kanavos of Flag Luxury, for
approximately $80 million.
Located in the heart of the iconic Las Vegas Strip, this
undeveloped parcel of land sits within the CityCenter campus,
adjacent to The Shops at Crystals on the corner of Las Vegas
Boulevard and Harmon Avenue.
Under the terms of the agreement, 63SLVB, LLC intends to
develop a multi-level retail complex comprising specialty retail
and casual and fine dining.
Arquitectonica of Miami Beach
has been engaged to create a design that is commensurate with the
image, standards, and mixed-use nature of the CityCenter
campus.
The transaction is expected to close in the second quarter of
2021.
For leasing information visit: www.63lasvegas.com
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 closing of any 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 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.
CONTACTS
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Investment
Community
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News Media
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CATHERINE
PARK
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BRIAN
AHERN
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Executive Director
of Investor Relations
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Director of Media
Relations
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cpark@mgmresorts.com
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media@mgmresorts.com
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SOURCE MGM Resorts International; CityCenter Holdings, LLC