Aria, Linq, Luxor, Mandalay Bay to Reopen in Vegas Next

Mandalay Bay & Luxor in Las VegasLas Vegas has been off to a swell start with its reopening of casinos that came on June 4. Not all casinos reopened at once, but slowly and surely, the city is beginning to open back up its famed resorts.

On Tuesday, MGM Resorts International and Caesars Entertainment Corp, who opened up only a handful of their properties to start, announced that they will be expanding their list of available hotel-casinos in Las Vegas.

Currently, the MGM properties that are open to the public include the Bellagio, New York-New York, MGM Grand, and its MGM Grand Signature properties. Of Caesars Entertainment, Caesars Palace, Flamingo, and Harrah’s are currently open.

Both MGM Resorts and Caesars Entertainment are the Strip’s largest casino operators. So what do these two operators plan on bringing back to life next?

MGM to Reopen Luxor, Mandalay Bay, Four Seasons, and Aria Next

In a news release, MGM Resorts International revealed that they will be opening up three more resorts before Independence Day.

First up will be the pyramid-shaped resort, Luxor, alongside The Shoppes at Mandalay Bay Place on June 25. The shopping esplanade runs between Luxor and Mandalay, so it’s only proper that the two open alongside each other.

The resort and The Shoppes will open up at 10 a.m. on June 25.

On July 1, at 11 a.m., MGM then plans to reopen its Four Seasons and Aria properties, just in time for the 4th of July weekend.

The three properties and shopping esplanade will open limited dining options, but it’s not clear what those dining options are just yet.

All three casinos do however plan to open up their pools with the initial reopening.

What’s left to reopen for MGM Resorts after July 1 will be Park MGM, NoMad, the non-gaming Vdara, and the Mirage.

Caesars Entertainment to Reopen Aria Next

Caesars announced they will be opening up the gaming floor at The Linq Hotel this Friday, June 12. The Linq Hotel and parking garage will remain closed initially.

The Linq Promenade reopened last Thursday, as well as The High Roller Observation Wheel.

Within the promenade, the following restaurants and dining options reopened: Chayo Mexican Kitchen + Tequila Bar, Flour & Barley Brick Oven Pizza, Haute Doggery, In-N-Out Burger, Maxie’s, Off The Strip, Tilted Kilt, Yard House, Gordon Ramsay Fish & Chips, Jaburritos, and Virgil’s Real Barbecue.

As far as beverage options, Breeze Daiquiri and Ice Bar are now serving drinks. The promenade’s retail candy shop, I Love Sugar, also reopened.

What’s left for Caesars to reopen is Planet Hollywood, Bally’s, Paris Las Vegas, The Cromwell and the off-Strip Rio.

June 4 Reopening Day Excitement and Success

The energy on June 4 was palpable. After a near-three-month shutdown, the pent-up demand for guests to return to casinos once again and start playing was high.

Caesars CEO Tony Rodio was on-site on opening day with Vegas icon Wayne Newton, and said it was a pleasure to welcome back staff members and guests to some of Caesar’s Las Vegas properties and across the country.

“We are encouraged by customer interest and visits, strong demand, and the implementation, so far, of our enhanced health and safety protocols,” Rodio said.

MGM Resorts acting CEO, Bill Hornbuckle, was also waiting to greet guests at the Bellagio’s lobby, alongside other company executives.

Hornbuckle said it was exciting and emotional to see the kind of energy that was present the week prior when the company welcomed back employees and reopened its doors for the first time in months.

“Our guests are having a great time and are thrilled to be back in the city they love. We are eager to get more of our employees back to work and enhance the Las Vegas experience with additional resorts,” Hornbuckle said.

‘Strong Opening Weekend’

MGM Resorts executives described the opening weekend as ‘strong’ and used the opening weekend as a measure to gauge customer’s demand.

Since it was a successful weekend, the company is moving forward with its plans to reopen the aforementioned properties in the coming weeks, and we think guests will be excited to have more MGM properties to visit and choose from in their Vegas stay.

Stay Tuned

We’re thrilled to see that Las Vegas opening back up again, one property at a time.

It was sorely missed during the long shutdown period and we hope that it will return to its formal glory in no time.

Which of the properties that are reopening in the coming weeks are you most excited about returning to or visiting? We’d love to know! Share your thoughts with us below and be sure to check back for more Las Vegas reopening coverage.

The Mandalay Bay Sale is Important For Several Reasons

Last week, news broke that MGM Resorts International had agreed to sell the MGM Grand and Mandalay Bay Casino-Resort. It wasn’t entirely surprising, as the company has been involved in several major sales over the past few months. The Mandalay Bay sale comes at an interesting time, though.

Mandalay Bay Las Vegas Casino Logo

A little over two years ago, this popular hotel-casino was the sight of the worst mass shooting in US history. Fortunately, the venue is moving past this tragedy. Today, we’re going to look at why exactly MGM Resorts decided to put this property up for sale.

Let’s get into it!

MGM Resorts Continues to Sell Major Las Vegas Properties

A decade ago, it was fairly uncommon for major US casino operators to sell any properties on the Las Vegas Strip. This area is home to many of the most lucrative gambling venues in the world and not many companies are willing to put them for sale. In recent years, however, these sales are becoming much more common.

This is especially true with MGM Resorts International. The Las Vegas-based casino company has sold some of its biggest venues over the past several months. It’s an interesting trend that other companies are taking notice of.

In October of 2019, MGM officially sold The Bellagio to the Blackstone Group for an astounding $4.2 billion. It was the largest sale in Las Vegas casino history. MGM Resorts is now leasing the property back for $245 million per year.

The company also sold Circus Circus, one of its worst-performing venues in Las Vegas. It went to Phil Ruffin, who plans to renovate the old hotel-casino. As we’ve already mentioned, MGM Resorts recently announced that several more venues are being let go.

Both Mandalay Bay and MGM Grand are being sold. Rumors have circulated over the sale of these venues for months.

Many are happy that the Mandalay Bay sale is officially taking place. It comes a little over two years since the horrific shooting that took place from inside this venue. It appears that things are finally back to normal at this southern-strip property.

The Mandalay Bay Sale is Officially Moving Forward

For MGM Resorts International, Mandalay Bay is one of the most important properties in Las Vegas. Since opening in 1999, its been a serious money-maker for the company. In the wake of the 2017 shooting, however, business slowed down considerably here.

MGM Resorts chose not to change the name of this venue. They worked to move through this tragedy, rather than around it. This proved to be a smart decision. Before long, it was once again one of the most profitable casino-resorts on the Las Vegas Strip.

Officials within the company now feel it’s the perfect time to sell this venue. That doesn’t mean they’re saying goodbye forever, though. The Mandalay Bay sale is similar to the Bellagio sale in that it will be leased back over the next few years.

MGM Resorts and the Blackstone Group have formed a new joint venture to control these venues. MGM will hold 50.1% of the venture. The Blackstone Group holds the other 49.9%.

Not everyone is rejoicing at this new sale-heavy approach from MGM Resorts. Some feel that it’s not fair to the company’s employees, many of whom have been let go. Is there some validity to these complaints?

Are More MGM Sales On the Horizon?

At this point, anything is possible. MGM Resorts has already sold some of its most profitable venues. It all comes as part of their new cost-cutting strategy. The money they’re earning from these sales is also going towards investments overseas.

In 2018, officials in Japan officially legalized casino gambling. Soon, three major casino-resorts will begin operating in this country. Unsurprisingly, all of the top US casino companies are pushing to obtain a Japanese casino license.

MGM Resorts wants to ensure that they have the necessary capital on hand to construct a new integrated resort in Japan. The Mandalay Bay sale will certainly help with this. The property is being valued at more than $2 billion.

It’s certainly that officials in MGM Resorts decide to sell more venues. The strategy of leasing these properties back is working well. Exactly which casinos may be sold is still unknown.

Mandalay Bay has gone through a lot over the past few years. Fortunately, the future looks bright for this casino-resort.

Stay tuned for more Las Vegas casino news over the next few months!

What Properties is MGM Resorts Selling in Las Vegas?

MGM Resorts International is one of several US casino companies that’s interested in selling property in Las Vegas. It’s a new strategy that many companies are taking in order to invest more money in different US cities and abroad. For now, MGM Resorts selling some of its major properties makes sense.MGM Resorts Logo

This week, the two properties that MGM is interested in selling were revealed. Today, we’re going to look at which hotel-casinos could be sold and how this will affect the company’s future plans.

Let’s get into it!

MGM Resorts International Sells Bellagio and Circus Circus

Las Vegas is home to the country’s biggest and best hotel-casinos. Interestingly, several companies own a huge number of gambling venues here. MGM Resorts International, for example, owns more of these hotel-casinos than any other company.

MGM Resorts is one of the most profitable casino companies in the world. Recently, it’s begun looking at new ways to invest in properties overseas. In order to achieve this goal, MGM has begun selling some of its major Las Vegas properties. Just last month, two popular hotel-casinos here were officially let go.

First, MGM Resorts sold Circus Circus. The property was purchased by Phil Ruffin, who already owns Treasure Island on the Las Vegas Strip. Circus Circus was sold for $825 million.

Just days after, news broke of MGM Resorts selling The Bellagio Hotel & Casino. This legendary casino-resort was sold to the Blackstone Group for an astounding $4.2 billion. MGM is now leasing the property back for a rent of $245 per year.

This company is prepared to keep these property sales up. Officials have confirmed that two other venues could soon be sold.

Is MGM Resorts Selling Too Many Properties?

MGM Resorts is making it clear that they are willing to give up their most profitable casinos. The Bellagio is considered to be one of the most popular and lucrative casino-resorts in the country. It now appears that two additional properties in Las Vegas will soon be sold.

The Las Vegas Review-Journal is covering the news of MGM Resorts selling these venues. The company is interested in selling the MGM Grand and Mandalay Bay Hotel & Casino. These venues could be purchased by MGM Growth, a major real estate investment trust.

MGM Growth departed from MGM Resorts International more than three years ago. Now, officials are discussing plans for MGM Growth to acquire the real estate assets of both MGM Grand and Mandalay Bay.

It’s one of the biggest deals in MGM Growth’s history. The company is now planning to sell more than 24 million shares to fund this new deal with MGM Resorts.

Based on the new reports, MGM Grand will be purchased by MGM Growth and then leased-back to MGM Resorts. It’s a similar deal made with the Blackstone Group.

Eldorado Resorts Prepares for Las Vegas Casino Sales, As Well

As we mentioned earlier, several companies have recently begun selling property in Las Vegas. Eldorado Resorts is nearly finished with its acquisition of Caesars Entertainment. It’s likely that immediately afterward, this company will choose to sell some of its venues.

It cost $17.3 billion for Eldorado Resorts to purchase Caesars Entertainment. Property sales are necessary to help make up for this cost. Exactly which venues will be sold is still unknown.

Shareholders within Caesars Entertainment have just recently approved the merger with Eldorado Resorts. It’s now awaiting regulatory approval.

Eldorado Resorts and MGM Resorts selling property in Las Vegas is reasonable. Both companies want to begin investing more in operations overseas.

Stay tuned for more Las Vegas casino news over the next few months!

MGM Resorts Agrees to Settlement With LV Shooting Victims

In October of 2017, the deadliest shooting in US history took place in Las Vegas. Since that time, victims of the shooting have asked for compensation from MGM Resorts, which owns Mandalay Bay, where this shooting took place. This week, MGM has officially agreed to a major settlement with the victims of the horrific shooting.

MGM Resorts Logo

This money won’t undo what happened in 2017. Hopefully, it will help those that were affected. Let’s look at how this settlement was officially agreed upon.

Victims of the Las Vegas Shooting Asked for Compensation

As we just mentioned the Las Vegas shooting in October of 2017 was the deadliest by a single shooter in US history. 58 individuals were killed and more than 850 were injured. Not long after this catastrophe took place, victims began asking Mandalay Bay and MGM Resorts for compensation.

In case you’re unaware, Stephen Paddock, the Las Vegas shooter, was inside the Mandalay Bay Hotel & Casino during the time of the attack. He used his hotel room as a base to target individuals attending the Route 91 Harvest music festival, across the street from the hotel. Due to Paddock’s location inside the hotel, it became extremely difficult for police officers to locate his exact position. From the time of the attack, it took more than an hour for police officers to breach Paddock’s hotel room.

Many blamed Mandalay Bay for not taking the necessary security steps to prevent this attack. Others disagreed, claiming it was a random act of violence that could have happened anywhere. Thousands of lawsuits were ultimately placed against MGM Resorts.

The major Las Vegas hotel-casino operator claimed that it wanted to resolve this issue as quickly as possible. Company officials wanted to ensure that the victims were taken care of. This week, MGM Resorts and lawyers representing the victims tentatively agreed to a settlement.

MGM Resorts Agrees to Pay Millions to Shooting Victims

Today, MGM Resorts has announced that it’s reached a settlement with the 2017 shooting victims and their families. Hundreds of lawsuits had been filed prior to this settlement. Attorney Rob Eglet commented on the news to the media this week.

“We and MGM truly believe that this settlement will provide fair compensation for thousands of victims and their families,” he said. “This has been a long process, but we and MGM believe that this conclusion is best for our community, the company and the victims.”

It’s certainly good news to hear that the victims are being taken care of. An independent administrator will now be appointed by the courts to grant this money to the victims. Reports indicate that the entire process will wrap up by the end of 2020.

Jim Murren, CEO of MGM Resorts, is also happy to see this settlement finalized. His hope is that it provides victims with what they need to move forward in life.

“Our goal has always been to resolve these matters so our community and the victims and their families can move forward in the healing process. This agreement with the plaintiffs’ counsel is a major step, and one that we hoped for a long time would be possible,” he said. “We have always believed that prolonged litigation around these matters is in no one’s best interest. It is our sincere hope that this agreement means that scenario will be avoided.”

Exact Payment Details Remain Unknown

The specific amount of money that MGM Resorts has agreed to pay is still unknown. The BBC believed it to be above $735 million. Other reports claim that it’s closer to $800 million. It’s also unclear exactly how much will be paid to the victims, and how much will go to lawyers.

It’s likely that MGM Resorts will categorize the victims into those most severely affected by the shooting to those who were impacted less. As you might expect, money will be more heavily dispersed to the former group.

The Security and Exchange Commission claims that $751 million in insurance money could go towards the victims. This figure is not guaranteed.

Robert Eglet released an official statement to the media on this matter.

“Under the Settlement Agreement, the parties will dismiss and release all pending litigation, including the declaratory-relief actions filed by MGM Resorts against participating claimants.”

MGM Resorts is hoping to move past this issue in the fairest way possible. We’ll need to wait for more details of the settlement over the next few months.