Circus Circus sold to TI Owner Ruffin for $825M

On the heel of the sale of the Rio recently MGM has unloaded Circus Circus. CC is one of the oldest properties on the strip having been built in 1968. Most of the deal is in the form of cash totaling 662.5 closing by end of 2019 and a financed balance of $162.5M due in 2024. Will be interesting to see what MGM does with this infusion of cash on their books at years end and on a side note are we seeing the slow rise of a third serious player on the strip to potentially compete with MGM and Ceasers over the next 10years especially if Ruffin continues his acquisitions. (Makes me wonder if he was trying to get the RIO and failed and CC was his fall back plan)

They also "sold" Bellagio, but they will continue to operate it, as has become increasingly common these days. Unlike the recent sales of the Rio and Circus Circus, Bellagio should remain MGM-operated for many years to come.

https://www.bloomberg.com/news/artic...-in-lease-back


Also, here's the article about Circus Circus, sold for $825 million (and not leased back): https://www.bloomberg.com/news/artic...or-825-million