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MGM to sell the iconic Mirage

MGM to sell the iconic Mirage

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After 21 years of ownership of the Las Vegas Strip’s iconic continuously erupting volcano, MGM Resorts is selling The Mirage Resort & Casino in Las Vegas, explaining that it no longer wants to invest money into the property best known for its exploding volcano. Bill Hornbuckle, CEO of MGM Resorts, described the sale process as in its “early stages,” adding that a sale “will allow us to maintain our existing Las Vegas exposure while focusing on the complementary and diverse nature of our offerings in our hometown.” Although no price or prospective buyers are known, much of the 77-acre site is largely undeveloped and offers considerable potential for growth under a new owner. Mr. Hornbuckle concluded: “As we look at capital allocation and we look at the notion of diversification, we have enough of Las Vegas.”

This of course includes The Cosmopolitan, which the company recently announced it is acquiring for $1.6bn. MGM also is investing heavily in a new casino in Osaka, Japan, as well as expanding its sports betting operations across the US.