MGM Resorts International announces sale of Grand Victoria Casino for $327.5 million
16 Apr 2018
(PRESS RELEASE) -- MGM Resorts International, along with its venture partner, today announced the execution of a definitive agreement to sell the Grand Victoria Casino - Elgin in Illinois, of which a subsidiary of the company owns a 50% interest, to Eldorado Resorts, Inc. for $327.5 million in cash, subject to a working capital adjustment.MGM Resorts will receive its 50% share of the net proceeds after certain transaction costs, or approximately $162 million.
The transaction is expected to close within 12 months, subject to regulatory approvals and other customary closing conditions.
The company acquired its 50% interest in Grand Victoria Casino in connection with its acquisition of Mandalay Resort Group in 2005.