MGM to buy remaining 50% of CityCenter for $2.125B; sells Aria/Vdara real estate to Blackstone for $3.89B

MGM Resorts International

MGM to buy Infinity World's 50% stake in CityCenter for $2.125B; implied valuation $5.8B including $1.5B net debt.
MGM to sell Aria & Vdara real estate to Blackstone for $3.89B; 18.1x rent multiple.
Initial annual rent under lease with Blackstone is $215M for 30-year term with renewal options.
Board member William Grounds to resign effective upon closing of the Infinity World purchase.
Transactions expected to close in Q3 2021; Infinity World deal not contingent on Blackstone deal.

item 1.01 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

William Grounds

Director

MGM · MGM Resorts International

Filed: July 1, 2021, 7:59 PM ET

William Grounds executed a resignation letter to be effective upon the earlier of (i) the closing of the EPA Purchase and (ii) delivery of written notice from Mr. Grounds of an earlier effective date, resigning from his position as a member of the board of directors of the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

William Grounds resigned as Director at MGM Resorts International.

Action: resigned
Role: Director

Exact text from the filing

William Grounds executed a resignation letter to be effective upon the earlier of (i) the closing of the EPA Purchase and (ii) delivery of written notice from Mr. Grounds of an earlier effective date, resigning from his position as a member of the board of directors of the Company.

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MGM Resorts International filing history →

Source: SEC EDGAR

accession 0001193125-21-206516

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