MGM Resorts Worldwide (NYSE:MGM) – MGM Resorts To Promote The Mirage Resort & On line casino To Arduous Rock For $1.07B

MGM Resorts Worldwide (NYSE: MGM) has reached an settlement to promote the operations of The Mirage Resort & On line casino to Arduous Rock Worldwide for $1.075 billion in money.

  • The Mirage, acquired by MGM Resorts in 2000, is positioned on the coronary heart of the Las Vegas Strip.
  • For the twelve months ended December 31, 2019, The Mirage reported Adjusted Property EBITDAR of $154 million.
  • The corporate expects web money proceeds after taxes and estimated charges of about $815 million.
  • Beneath the phrases of the settlement, MGM Resorts will retain The Mirage identify and model, licensing it to Arduous Rock royalty-free for a most interval of three years.
  • The corporate expects the deal to shut within the second half of 2022.
  • Value Motion: MGM shares are buying and selling decrease by 0.12{b02bdf04de3f9bc06c998e855c65941e7d8f5cd012e86469a83340818e6b6d52} at $40.29 in premarket on the final verify Tuesday.

Source link