MGM Resorts International, S&P 500® global entertainment company, announced the completion of the sale of Grand Victoria Casino-Elgin
Grand Victoria Casino is a subsidiary of a company owned resort in Illinois. The company sold the casino resort for $327.5 million in cash. The transaction is subject to a customary working capital adjustment. MGM owned 50% interest in the property. MGM received 50% of the net proceeds since they were 50% owner. After transaction and other fees, the company received approximately $162 million.
MGM acquired Grand Victoria Casino back in 2005 from the Mandalay Resorts Group.
San D’Arrigo, Executive Vice President and Chief Financial Officer of MGM said,
“We thank the employees of Grand Victoria Casino, who have made it a tremendous success over the years, and wish them all the best in the future.”
MGM Resorts expanded its resorts across Macau and become the first branded hotel casino resort in Shanghai. The company employs more than 78,000 employees worldwide and has become the more recognized and admired companies in FORTUNE Magazine. In total, MGM Resorts encompasses close to 30 hotel casino resorts with the MGM Springfield property still underway in Massachusetts.