MGM Resorts International is in talks to sell its Circus Circus Casino property to real estate mogul Phil Ruffin, according to Bloomberg. An agreement could be announced which would also include the sale of Bellagio and the MGM Grand. Those properties may be sold to Blackstone Group.
MGM has been restructuring under pressure from activist investors. The company has cut and reorganized management, and previously sold all but four of its wholly-owned casinos to MGM Growth Properties Inc., a real estate investment trust it created three years ago.
The company is in talks to sell two Las Vegas top properties, Bellagio and the MGM Grand, to Blackstone Group, Bloomberg News reported, citing people with knowledge of the matter. Chief Executive Officer Jim Murren has said he hopes to announce the results of a board-level study of the company’s real estate by early fall.
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