A Casino For Sale in Las Vegas

If you’re interested in a casino for sale in Las Vegas, you’ll need to keep a few things in mind. The first is to make sure that you can get financing. There are many lenders available, but it’s important to make sure you can get a loan from the best one. Also, you’ll need to keep in mind that you’ll want to consider the property’s location as well.futureweb3o.com
Blackstone sells stake in two hotels

Blackstone has sold a stake in two major Las Vegas hotels. The deal will pay off a $3 billion debt and give the investment firm a profit of $700 million over the next three years.

The deal will make Blackstone the country’s largest gaming operator. It will also allow the company to focus on the fastest growing sectors of the economy.

One of the hotels in the deal is The Cosmopolitan, which has a hotel and casino on the Strip. Blackstone bought the hotel eight years ago for $1.8 billion. In addition, the firm spent $500 million on renovations. This deal marks the most profitable sale of a Las Vegas hotel and casino ever.

The other is the MGM Grand. Blackstone agreed to sell 49.9% of its interest in the resort to Vici Properties, which will assume the remainder of its debt.

The transaction is expected to close in the fourth quarter. Vici has already purchased a 49.9% stake in the resort, along with the other half of the Blackstone debt.

Blackstone says that the transaction is one of the largest in the history of Las Vegas. It also appears to be the largest single property deal in the city’s history.

It’s not hard to see why. The hotel market is healthy. There’s pent-up demand. Combined, the properties are valued at nearly $5.5 billion.

Blackstone has invested in several key businesses, including CMS Computers, Apria Healthcare and Performance Food Group. In 2008, the company co-invested in the Harrah’s Entertainment buyout. It also worked with TPG Capital and Apollo Management to purchase CMS.

The merger of MGM Resorts International and Cosmopolitan will allow for the new entity to take over operations of both hotels. Blackstone’s executive team continues to assess the Las Vegas market.
Seminole Gaming seeks location for Hard Rock brand

The Seminole Tribe of Florida has taken steps to expand its gaming operations. It is constructing a new casino in Rockford, Ill., and a second hotel in Hollywood. They are also building a casino in Bakersfield, Calif., and in Jamaica. This expansion comes after they bought Mirage Las Vegas in December.

Last year, the Seminole Tribe of Florida earned $2.2 billion in total revenue. Most of the money comes from gambling. In fact, the Tribe operates four casinos in Florida, including two in Tampa.

The Seminole Gaming and Entertainment Corporation owns Hard Rock International, a music-themed hotel, restaurant and casino company. It operates 241 properties in 68 countries. Currently, it owns two Seminole Hard Rock hotels in Hollywood, FL. These hotels, along with its existing Tampa location, generate 30 percent of the profits from Hard Rock.

The Seminole Tribe also owns the Hard Rock Cafe, which has long operated out of a building near Times Square. The Seminoles recently hired Argentine soccer superstar Lionel Messi as their brand ambassador.

Hard Rock is also moving forward with its plan to build a casino in northern New Jersey. A spokesman for the company told the Times that it plans to apply for a temporary license by the end of December.

The Seminole Tribe owns the Hard Rock Cafe and operates a dozen other casinos throughout the country. Several of those casinos are located in the southeast, including Hollywood, FL. Some of the properties are owned by the tribe, while others are operated by private firms.

According to reports, the Seminole Tribe is considering adding a new casino to one of its existing hotels. It has also expressed interest in expanding its gaming operations to include a casino in Manhattan.
MGM Resorts puts Mirage up for sale

The Mirage hotel and casino on the Las Vegas Strip is being put up for sale. MGM Resorts International announced that the property was not an asset that would fit into its plans for the city.

The company’s president, Bill Hornbuckle, wrote a letter to employees confirming the news. He said the property was “far down in the spectrum of priorities” and it wasn’t a good fit for its business in Las Vegas. However, he did expect it to be “Crown Jewel” for another operator’s portfolio.

The Mirage was built by former casino mogul Steve Wynn, and opened in 1989. It is famous for its Polynesian theme, exploding volcano, and tiger attraction.

The casino was considered a big success when it opened. By 1993, the resort was filling nearly 98% of its rooms on an average night. And by the end of that year, the Mirage was generating adjusted property earnings of $154 million.

Last week, MGM Resorts International decided to sell its interest in the property. It will be purchased by Hard Rock International. A deal is expected to close in the second half of next year.

MGM has been selling off assets to focus on new areas of business, including online gaming. They aren’t planning to sell any other properties along the Strip.

This isn’t the first time that the Mirage has been put up for sale. When it was owned by Las Vegas Sands, the company sold the Sands Expo and Convention Center, Circus Circus, and Treasure Island in 2009.

Since then, MGM has sold Circus Circus and Treasure Island. In addition, MGM bought 50% of CityCenter earlier this year.
MGM Grand Las Vegas and Mandalay Bay valued at $5.5 billion

The Blackstone Group has agreed to sell its stake in two Las Vegas casinos, the MGM Grand and Mandalay Bay. The deal will value the properties at $5.5 billion.

Blackstone’s MGM Grand and Mandalay Bay will be purchased by VICI Properties Inc., a New York-based real estate investment trust, in a transaction that will net Blackstone about $700 million over the next three years. It’s one of the largest casino transactions of the year.

Vici is already the biggest property owner on the Strip, owning nearly 40,775 hotel rooms, 5.9 million square feet of meeting and convention space, and 1.2 million square feet of gaming space. In May, the company acquired a 50.1% interest in MGM growth properties.

This is a large cash transaction, with VICI putting up more than $1 billion. However, it’s still a small fraction of the $17.2 billion value of MGM Growth Properties. And with the deal, VICI will be the single largest property owner on the Strip, eclipsing Blackstone’s other holdings.

Blackstone’s newest deal will allow the firm to cash out of its fixed-return real estate investments while investing in other core assets. The sale will also help fund the firm’s redemptions from its Blackstone Real Estate Income Trust.

In other news, the MGM Resorts International subsidiary announced a separate joint venture with BREIT in November. While this may not sound like much, the deal will allow the two companies to share ownership of the properties, and will provide them with a total of $150 million in Class A shares.

As of October, the Las Vegas Convention and Visitors Authority reported that hotel revenue in Las Vegas rose 51% from the pre-pandemic October of last year. During this period, the city’s casino industry saw a 20% increase in revenues.
Bally’s Corp. closed its $308 million purchase of the Tropicana Las Vegas from Penn Entertainment Inc.

Bally’s Corp., formerly known as Twin River, announced Tuesday that it has acquired the Tropicana Las Vegas Hotel and Casino from Penn Entertainment Inc. for $308 million. The deal will be subject to customary closing conditions, including adjustments to working capital and real estate.

The Tropicana location is on 34 acres of land south of the Strip. The casino will remain under the Tropicana name, but the resort is expected to be redeveloped. As a result, it will probably take a year or two for any improvements to be completed.

The deal will be paid for by a 50-year lease of the land. In the first year, Bally’s will pay $10.5 million. It is expected that this amount will increase to $10 million over the life of the lease.

Bally’s is a gaming, betting, and entertainment company based in Rhode Island. It currently owns 14 regional casino properties in the United States, and it is preparing to open a new casino in Chicago in 2026.

The deal is a major milestone for Bally’s. For years, the company has been growing rapidly, and regulators have been questioning its expansion. They have asked if the company was operating in markets without regulatory oversight.

Bally’s will retain the same employees at the Tropicana, and the new owners will likely adopt the Tropicana Las Vegas brand. However, the name will likely change to Bally’s in the future.

Bally’s plans to redevelop the resort, but it will be a year or so before any major changes are made. That’s because the company is looking at a long-term plan for the property.

While Bally’s plans for the Tropicana will not be immediate, they are expected to improve the resort’s performance in the market.