MGM is in turn selling the two hotels’ real estate to New York financial giant The Blackstone Group for about $3.9 billion in cash and leasing them back for an initial annual rent of $215 million. MGM Resorts International, as the company is now known, announced Thursday that it is buying out its partner in Cit圜enter, government-owned holding company Dubai World, for more than $2.1 billion, giving MGM full ownership of the Aria and Vdara resorts. Today, the economy is clawing back from another meltdown, and MGM, after selling pieces of the 67-acre complex over the past several years, has again cashed in on Cit圜enter, trading its remaining hotels there for a mountain of money. Less than five years later, the economy was in a freefall, Cit圜enter’s partners were at odds, and some people speculated MGM might have to file for bankruptcy.
Project Cit圜enter, as it was called, would feature hotels, condos and retail and entertainment space, with MGM’s then-boss Terry Lanni evoking the 1905 land auction that got Las Vegas started, construction of Hoover Dam and other seminal moments in local history. Cannon/Las Vegas Review-Journal) the fall of 2004, casino operator MGM Mirage unveiled plans for a multibillion-dollar “urban metropolis” that, it promised, would take Las Vegas in a new direction. Waldorf Astoria located within Cit圜enter, on the Strip in Las Vegas Thursday, July 2, 2021.
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