MGM sells Illinois Casino for $327.5 million

by | Apr 23, 2018 | General News

The Illinois Casino

The United Kingdom recently announced that it would be granting post-Brexit visas to architects.

MGM Resorts International has reportedly signed an agreement to sell its stake in the Grand Victoria Casino, which is located just outside of Chicago in suburban Elgin, Illinois.

MGM Resorts International currently holds a 50 percent stake in the Elgin property. MGM announced the execution of a definitive agreement to sell the Grand Victoria Casino recently with its venture partner. MGM is selling its stake to Eldorado Resorts, Inc. for a reported price of $327.5 million in cash. This is, of course, all subject to a working capital adjustment. MGM Resorts will in return receive a corresponding 50 percent share of the net proceeds, following certain transaction costs. This comes out to roughly $162 million.

A Timeline for the Sale

This high cost transaction is expected to close within the next 12 months. It is, however, subject to regulatory approvals and other customary closing conditions, none of which are considered to be out of the ordinary by experts.

MGM Resorts first acquired the 50 percent interest in the Grand Victoria Casino back in 2005. That actually stemmed from its acquisition of Mandalay Resort Group in that same year.

More About MGM Resorts International

MGM Resorts International is one of the largest global entertainment companies in the world, with national and international locations that feature some of the industry-standard hotels and casinos, as well as state-of-the-art meeting and conference spaces to accompany them, live and theatrical entertainment experiences, retail shopping offerings, and vibrant nightlife choices.

MGM Resorts is perhaps most famous for the immersive and iconic experiences that it is able to offer via its suite of Las Vegas-inspired properties and brands the world over. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry.

Expanding throughout the U.S. and around the world, the company in 2018 opened MGM COTAI in Macau and the first Bellagio-branded hotel in Shanghai. It also is developing MGM Springfield in Massachusetts. The 78,000 global employees of MGM Resorts are proud of their company for being recognized as one of Fortune Magazine’s World’s Most Admired Companies.

Let’s take a look at a few other projects currently underway by MGM Resorts International:

MGM Grand New Delhi

MGM Grand Dubai Pearl

MGM Grand Mumbai

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