MGM Grand Closes $140M Casino-Hotel Sale

DARWIN, AUSTRALIA-Publicly traded MGM Mirage of Las Vegas has completed its sale of the MGM Grand Australia to Auckland-based Skycity Entertainment Group. The sale price was $140 million, based on current exchange rates.Skycity is a gaming and entertainment company that owns and/or operates gaming and entertainment complexes in New Zealand and Australia. MGM Grand Australia is located on 18 acres of beachfront. The property has approximately 23,800 sf of gaming space and 107 hotel rooms. MGM Mirage owns and operates 11 casino resorts located in Nevada, Mississippi, and Michigan, and has investments in two other casino resorts in Nevada and New Jersey. Its portfolio of brands include Bellagio, MGM Grand Las Vegas, The Mirage, Treasure Island (“TI”), New York – New York, Boardwalk Hotel and Casino and 50% of Monte Carlo, all located on the Las Vegas Strip.