The MGM Growth Properties real estate investment trust (REIT) spun off from American casino operator MGM Resorts International in 2015 has reportedly hinted that it may be interested in buying any venues put up for sale by Las Vegas Sands Corporation.
Las Vegas Sands Corporation is reportedly said to be considering selling The Venetian Resort Hotel Casino with its 3,000-room The Palazzo hotel as well as the nearby Sands Expo and Convention Center and anticipates such an arrangement would see it bring in at least $6 billion.
The whispered move for the three Las Vegas Strip properties would purportedly moreover represent an American exit for the operator with its six casino resorts in Macau and Singapore having last year brought in some 85% of its $13.7 billion in annual revenues.
James Stewart serves as the Chief Executive Officer for MGM Growth Properties and he reportedly responded to a direct question concerning Las Vegas Sands Corporation by declaring that his company ‘would definitely be interested’ in acquiring the three Las Vegas venues.
The boss purportedly furthermore proclaimed that the trio ‘are going to be set up for some very very significant growth once we get to the other side of coronavirus’ and that any tenant would have ‘to be one who has a great incentive to keep on paying the rent’.
MGM Growth Properties already holds majority interests in twelve casino resorts operated by MGM Resorts International including seven along the Las Vegas Strip encompassing The Mirage Las Vegas, Mandalay Bay Resort and Casino Las Vegas, Park MGM Las Vegas, Excalibur Hotel and Casino Las Vegas, Luxor Las Vegas, MGM Grand Las Vegas and New York-New York Hotel and Casino Las Vegas.
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