MGM Growth looking to acquire the Venetian casino in Vegas
MGM Growth Properties LLC is looking to acquire the Venetian casino, if it can find a partner to operate it, according to Bloomberg.
The casino was recently put on the block by Las Vegas Sands (LVS). LVS wanted to earn at least $6bn for all of its Las Vegas properties, including the Venetian and the Palazzo. Among the potential buyers is MGM Growth; a real estate investment trust that owns various casino properties but doesn’t typically operate them.
James Stewart, CEO of MGM Growth, expressed his interest in the possible acquisition and said: “If we can go to bed at night without having anything keep us up over worrying about — is the rent going to get paid? It’s absolutely a deal that we would do.” Stewart thinks that LVS selling its properties doesn’t reflect badly on the city, simply that the company is looking at other markets, and the overall expected cost of the sale is proof of Las Vegas’s potential.
Another potential bidder is Vici Properties Inc. Vici President John Payne said: “We continue to be excited about this market long term. Clearly, Las Vegas has to get over not having meeting business right now and some international business, but we believe that that will come back.”
One more real estate investment trust Gaming & Leisure Properties Inc. stated it will not be participating in the bidding for LVS’ venues.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
