MGM Resorts International announces closing of Circus Circus sale
27 Dec 2019
(PRESS RELEASE) -- MGM Resorts International today announced that it has closed on its sale of
Circus Circus Hotel Casino - Las Vegas and the 37 adjacent acres for $825 million, subject to final purchase price adjustments, to an affiliate of
Treasure Island owner Phil Ruffin. The sale is part of the Company's commitment to its asset-light strategy designed to focus on MGM Resorts' core business and maximize value for its shareholders.
The purchase price is comprised of $662.5 million in cash and a $162.5 million note due 2024. MGM Resorts plans to utilize the proceeds from this transaction to further its capital allocation strategy and enhance its strategic and operational flexibility.
