As reported by BNN Bloomberg, MGM Resorts International is reportedly studying the potential of selling its casino assets at Springfield, Massachusetts and Northfield Park, Ohio, according to information provided by individuals familiar with the subject.
Preliminary discussions:
At the moment, the firm is discussing the possibility with its financial advisors, but the talks are preliminary and there is a chance that they won’t lead to any specific action, according to the mentioned individuals who requested to stay anonymous as the information is private. In addition, an MGM spokesman refused to provide any comment regarding the discussions.
On a related note, the management of MGM Resorts International was exasperated by the firm’s stock price. The stock is up lower than 5% throughout the period of last 2 years regardless of the increase in revenue and sales. Additionally, the biggest firm on the Las Vegas Strip is trying to raise its online gambling exposure abroad as well as in the US.
Furthermore, the firm secured the license to officially operate in Springfield following the approval of casino gambling by Massachusetts. As for the casino in particular, since it officially opened its door to the public back in 2018, it was somewhat of a failure.
As for the Ohio operation, MGM Northfield Park, which is a horse track that includes a casino, it is cited around twenty miles southeast of Cleveland. Additionally, MGM took control of the property, which was previously managed by Hard Rock, five years ago, aka back in 2019.
In this regard, after a meting with local officials in 2023, Bill Hornbuckle, Chief Executive Officer of MGM, said to the reporters: “Our original valuation of this market simply was off — full stop.” Also, the facility collected $278m in gambling income during the previous year.
Furthermore, as for the real estate included in both casino, they are owned by Vici Properties Inc., a real estate investment trust that is headquartered in New York and that purchased MGM Growth Properties, MGM’s real estate investment trusts (REIT) subsidiary, nearly 2 years ago. The spokesperson for Vici refused to provide the comment regarding sale discussions, as reported by BNN Bloomberg.
MGM Resorts waits for the necessary regulation to seek a casino gaming license in Abu Dhabi and Dubai:
In other news, MGM is currently awaiting the enactment of a new regulation that would officially legalize many types of gambling in order to seek a casino gaming license in Abu Dhabi and Dubai, according to Hornbuckle.
Although the firm is already included in a major development in Dubai, the Abu Dhabi is also on the firm’s list, which depends on which particular emirate wants to host the fresh gaming-led development, Hornbuckle said during his appearance at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on March 15.
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