MGM Resorts Is Making Moves on the Las Vegas Strip
Just a few years ago, MGM Resorts (NYSE: MGM) had to deal with a complicated ownership structure in arguably the most valuable section of the Las Vegas Strip. The company owns Bellagio Hotel & Casino, New York-New York, and Park MGM, but it didn't own The Cosmopolitan and only owned half of CityCenter, which sat in the middle of the company's row of properties in the heart of the Las Vegas Strip.
In the last few months MGM Resorts fixed that problem. It bought the half of CityCenter that it didn't own for $2.125 billion, and earlier this week announced the $1.625 billion acquisition of The Cosmopolitan's operations from Blackstone. MGM Resorts now controls the land from Mandalay Bay all the way to Bellagio, allowing the company to connect and integrate its best assets on the Las Vegas Strip.
Image source: Getty Images.
Source Fool.com
