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City Center / MGM to sell Crystals for $1.1b

Discussion in 'Gaming & Casino Industry' started by VEGASBJ, Mar 18, 2016.

  1. VEGASBJ

    VEGASBJ
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    looks like MGM is still trying to raise money by selling off the Shops at Crystals mall for a reported $1.1 billion.

    article here:
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  2. shifter

    shifter
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    i.e. they're raising cash any way they can.
     
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  3. VEGASBJ

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    Yep. What's next? Sell off Shadow Creek? Hope Bobby doesn't see this, lol
     
  4. shifter

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    hopefully next they sell the Trashy Castle and Luxor to someone who actually wants to turn them into something other than eyesores.
     
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  5. VEGASBJ

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    Yeah, they could sell those as a combo deal, and maybe even include MB so someone could control that whole block / side of the Strip. Mirage is also hanging out by itself down there, as well as CC, but I guess CC makes money and pays for itself.
     
  6. pressitagain

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    MGM needs money to pay for the arena and to pay for a major league tenant. Next to go will be the golf course.

    It's actually a very good indicator of how tight money is over there. I would be worried if I was one of those funds that lent them money.

    Selling off the other casinos on the strip? They make MGM money.
     
  7. shifter

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    I don't think Mancari and Baldwin will let that happen at any cost.

    the whole point of PGP is cutting costs and gouging the customers to pay their bonuses.

    they're out at Shadow more than almost any customer.

    that's why they're raising comp rates to reduce the number of rounds, so it's more exclusive for them.
     
  8. VEGASBJ

    VEGASBJ
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    as a talking point, what would selling Shadow Creek really accomplish? Get maybe $30 million for it? The two houses on the land are already separate properties. The money raised really wouldn't make a dent in the bottom line, and would take away a huge corporate entertainment asset. Just hosting events at Shadow brings in a lot of high action players for these events, so Shadow kind of pays for itself many times over.
     
  9. VEGASBJ

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    you forgot about Ellwood, lol
     
  10. VEGASBJ

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    definitely Bobby wants to make Shadow more exclusive. Heard last week when I was out there that he gets pissed when he is out there to golf and the course is crowded.
     

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