If you are in the market for a casino for sale, there are several options available. You can choose between a small, local casino or a large, international casino. Whatever you choose, you will find a Las Vegas casino that is right for you.
Aztec Inn Casino
If you’re considering building a resort, you may be interested to know that one of the most desirable parcels on or near the Las Vegas Strip is up for grabs. According to recent reports, the property is being sold by a dude named Ernie Lee, whose name is a k a a bit of a mouthful.
The most obvious draw is the location, as the building is situated on a major corridor on the strip. Luckily for prospective owners, there are no height restrictions on the entire tract, so you’re not restricted to putting a hotel in the building. In addition, there’s plenty of room for a ginormous indoor mall, as well as ample room to expand the hotel itself.
The aforementioned “lounge-style” hotel boasts a number of features, including a full-service bar, a restaurant, and even a gym. It also boasts an impressive 57 staff members.
Fontainebleau Las Vegas
The Fontainebleau Las Vegas casino for sale has undergone a lot of changes throughout its history. It’s a property that’s been through multiple owners and economic downturns. But with the re-acquisition of the property, it’s a brand-new start.
The project’s original plan was to open in 2009. However, the 2008 financial crisis halted construction. In 2010, billionaire Carl Icahn purchased the unfinished project for $150 million. He stripped the hotel and casino of its furnishings and sold a crane used to build the tower.
Icahn eventually sold the project to Steven Witkoff and New Valley LLC. When the deal closed, the new owner had the project renamed “The Drew.” That name was given after Witkoff’s son.
While the Fontainebleau hasn’t been completed yet, it’s expected to open in the fourth quarter of 2023. The 67-story luxury resort will feature 3,700 rooms, dining, and gaming, as well as customizable convention space.
MGM Grand Las Vegas
MGM Resorts International has announced plans to sell its casino, MGM Grand, in Las Vegas. The deal marks one of the largest casino transactions in the country this year, with a hotel valuation of $5.5 billion. This sale could help Blackstone cover its debt and allow MGM to get out of its fixed-return investments.
In addition to announcing the sale, MGM also reported third-quarter results that beat analysts’ expectations. Sales were down slightly, but the company’s profit was higher than anticipated.
The resorts will be transferred to a new operating partnership, VICI Properties Inc. and BREIT (Blackstone Real Estate Income Trust). Initially, Vici Properties will hold a 50.1% interest in the hotels, and MGM will own a 1% stake in the joint venture.
After the deal closes, Blackstone will own 49.9% of MGM Grand and Mandalay Bay. They will be paid in cash, and the real estate investment trust will take over Blackstone’s share of the $3 billion in debt.
The MGM Grand Las Vegas and Mandalay Bay casinos are being sold by MGM Resorts International to a joint venture with Blackstone Real Estate Income Trust. This is the second time in a little over a year that MGM has sold one of its casinos. It also sold the Bellagio in October.
The two properties are expected to sell for $4.6 billion. The deal is expected to close in the first quarter of 2020. According to people familiar with the transaction, Blackstone will make about $700 million in the next three years.
The sale of the MGM Grand and Mandalay Bay casino properties will allow Blackstone to exit some of its real estate investments. It also allows the financial firm to concentrate on its top growth sectors.
MGM Resorts International
MGM Resorts International is a global hospitality company that operates resorts in Las Vegas, Maryland, Mississippi, and Massachusetts. The company is focused on creating immersive experiences for its customers. This includes state-of-the-art convention facilities, dining, and entertainment.
The company’s primary customer segment is vacationers. They primarily visit the Las Vegas Strip on weekends. However, it has a growing number of casino hotels and is expanding into sports betting in the U.S. It is also investing billions of dollars in a new casino in Osaka, Japan.
The company owns half-dozen resort-casinos in the Strip, including MGM Grand and Mandalay Bay. While it has operated the Mirage for 21 years, it is not known for buyers. Earlier this year, Hard Rock International said it was interested in purchasing the property.