MGM Resorts International’s CityCenter Holdings, LLC joint venture has signed an agreement to sell two hectares of land on the CityCenter campus for $ 80 million.
The buyer is a company called 63SLVB LLC, owned by local retail developers Brett Torino of Torino Development and Paul and Dayssi Kanavos of Flag Luxury.
According to an overnight announcement from MGM, 63SLVB LLC plans to develop a multi-level retail complex made up of specialty retail and casual and upscale restaurants. Miami Beach-based architecture firm Arquitectonica was hired to develop a design that “matches the image, standards and mixed uses of the CityCenter campus,” said MGM.
CityCenter, which is 50% owned by MGM Resorts International and 50% owned by Dubai World’s subsidiary Infinity World Development Corp, is a mixed-use facility on the Las Vegas Strip between Bellagio and Park MGM. It includes the ARIA Resort & Casino, Vdara Hotel and Spa, and Veer Towers, as well as various retail and other attractions.
The property sale continues MGM’s latest wave of divestments, which includes the sale of MGM Grand and a significant stake in the real estate investment trust that holds Mandalay Bay in a $ 4.6 billion transaction in January 2020.
Previously, the company had struck a similar deal to sell the Bellagio and Circus Circus Las Vegas, while MGM raised an additional $ 1.2 billion in March this year after real estate investment trust MGM Growth Properties LLC (MGP) redeemed Completed 37.1 million operational partnership units – Reduced MGM’s stake in its REIT from 53.0% to 42.1%.