Rumored Sale of Two Big Las Vegas Casinos
Two big Las Vegas Casinos may be up for sale. MGM Grand and Bellagio are rumored to be on the market for a buyout. This is filling World Series of Poker fans in America with uncertainty about where the event will be held. The fact that the WSOP final in summer was held at the Rio Conference Centre, is fuelling the speculations. It may have been an indicator that the notably iconic event may change its usual venues. If the sale of both Bellagio and MGM Grand goes through who is likely scooping it up? Recent reports have revealed interesting insights which we will explore.
Possible Buyers for the Las Vegas Casinos
Reports have indicated that Blackstone Group Incorporated an investment firm is in discussions to secure the purchase of both MGM Grand and Bellagio may just be part of the package. This would not be the investment firm’s first casino purchase. In 2014 they bought luxury hotel and casino – Cosmopolitan four almost USD$2 billion.
It is believed that Blackstone will lease MGM Grand to MGM resorts. Since the Grand is an historic part of the city which is famed for its poker rooms. So, the Blackstone Group is considering leasing it to MGM Resorts so that they continue to oversee the poker section of things at Grand.
Why is MGM Resorts Selling?
Although MGM Grand is a rich part of Las Vegas History, its parent company MGM Resorts is considering selling the casino to focus on other ventures. MGM Resorts is looking to expand its empire beyond the American borders. The gambling industry in Asian markets is opening up and the earliest bird will catch the fattest casino licence worm. Japan’s recent legalisation of gambling has attracted the attention of world-famous casino operators including US brands such as MGM Resorts. Lookout for more on this story on casinous.com blogs.
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