According to Bloomberg, Resorts International and MGM Growth Properties LLC are looking for an investor for a joint venture owning at least two prominent properties in Las Vegas.
The companies have attracted interest from investors who have previously bet on gaming properties in the MGM Grand Hotel & Casino and the Mandalay Bay Resort & Casino, said people with knowledge of the matter quoted in anonymity by the news agency as the talks were private.
In 2016, MGM Resorts formed the MGM Growth real estate investment trust and sold the public a minority interest. Most of MGM Resorts’ casinos are operated by the REIT (real estate investment trust) and leased back to the company to operate.
The Mandalay Bay is, according to a filing, one of 13 properties owned by MGM Growth The MGM Grand is expected to be sold by the end of the year, one of the few properties still owned by MGM Resorts, the company said last month. The sale will mark one of the final steps towards its goal of becoming a casino operator of “asset-light.”