RTTNews | Jul 1, 2021 09:27AM EDT

09:27 Thursday, July 1, 2021 (RTTNews.com) - MGM Resorts International (MGM) said that it agreed to buy Infinity World Development Corp's 50 percent interest in CityCenter Holdings LLC for $2.125 billion. The purchase price represents an implied valuation of $5.8 billion based on net debt of $1.5 billion, after giving effect to the recently closed sale of a two-acre parcel.

The agreement will make MGM Resorts the 100 percent owner of CityCenter on the Las Vegas Strip, which is comprised of Aria Resort & Casino and Vdara Hotel and Spa.

In addition, MGM Resorts has reached a deal with Blackstone to monetize the Aria and Vdara real estate assets, pending the close of the equity purchase agreement between MGM Resorts and Infinity World.

As per terms of the agreement, funds managed by Blackstone will acquire the Aria and Vdara real estate for $3.89 billion in cash. Following the acquisition, both properties will be leased to MGM Resorts for initial annual rent of $215 million.

The transactions are expected to close in the third quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3206471/mgm-resorts-to-buy-infinity-world-s-50-stake-in-citycenter-monetize-citycenter-real-estate-assets.aspx)

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