Japan Begins to Study the Las Vegas Casino Model

In 2018, lawmakers in Japan officially approved a bill that legalizes casino gambling. It was a huge moment for the country, which had previously banned almost all forms of gambling. Officials here are still working to create a plan for the three casino-resorts to begin operating. Recently, Japan has begun to study the Las Vegas casino model for support.Famous Las Vegas Sign

Las Vegas is still considered the gold standard for the US casino industry. Here, most of the country’s top gambling venues are located. Let’s take a look at what Japan hopes to learn from this city.

Lawmakers in Japan Continue to Debate Over Regulations

For a time, it seemed as if Japan would never open up its casino industry. For decades, nearly all forms of gambling have been strictly prohibited in this country. Only mahjong, a tile-based skill game, allows individuals here to wager money.

It seems that the country’s lawmakers finally realized how much money they were missing out on. Nearby Macau is considered the biggest gambling hub in the world. Even the Philippines now operates a massively successful casino industry.

In July of 2018, Japan officially decided to legalize casino gambling. Under the current plan, three casino-resorts will be allowed to open in the country. Before this can happen, though, lawmakers are coming up with a set of regulations.

Government officials here want to ensure that rates of gambling addiction and crime do not increase once casinos are introduced. Today, a huge number of countries in Europe are dealing with rises in problem gambling. Several regulations have been introduced in Japan to avoid this, yet lawmakers are still debating exactly what should be allowed and what should not.

The first gambling venue will not begin operating in Japan for at least a couple more years. In the meantime, officials will be working to come up with an exact plan for the casino-resorts to get up and running.

Japan Looks at the Las Vegas Casino Model For Support

There is no better city to look for regulation over a casino market than Las Vegas. As we already mentioned, many of the world’s biggest and best casino-resorts are located here. Officials in the city have decades of experience monitoring and taxing casino-resorts.

Recently, several officials in the Japanese casino industry have begun asking for help from Las Vegas gaming regulators. Not long ago, these officials invited Becky Harris to speak on effective casino regulation. Harris recently spoke with the Las Vegas Review-Journal about her experience in the country.

“Japan is still working on creating their regulatory environment, so there’s a lot of speculation as to what that could look like,” Harris said. “One of the models that Japan is looking at is Nevada, so there were some questions about the way that Nevada regulations work.”

Macquarie analyst Chad Beynon claims that Japan is looking to implement similar measures that Las Vegas currently has. Not everything will be applicable in Japan, yet the Las Vegas casino model should provide a solid regulatory outline.

Analysts Continue to Expect a Bright Future For Japan’s Casino Industry

Almost immediately after the news broke of Japan’s legalization of casino gambling, analysts began predicting how profitable the market would become. New reports indicate that it will grow to become the third-largest casino market in the world. Some even claim it will generate $25 billion annually.

Unsurprisingly, a huge number of major US casino operators are attempting to break into this market. MGM Resorts International, Wynn Resorts, and Las Vegas Sands have all expressed a desire to break into Japan.

Interestingly, Caesars Entertainment claims that it’s no longer interested in entering Japan. The company is set to merge with Eldorado Resorts. It seems highly unlikely that a move into Japan is even possible for Caesars right now.

Officials are still waiting to choose which three companies will be granted a casino license here. Based on what’s being said, both MGM Resorts International and Las Vegas Sands seem the most likely.

We’ll need to wait and see how much the Las Vegas casino model influences Japan. Make sure to stay tuned for more updates over the next few weeks!

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!

Casino Leasebacks Could Become the Next Big Thing in Las Vegas

  • MGM Resorts sold and is leasing back the Bellagio Hotel & Casino.
  • More Las Vegas casino leasebacks could be on the horizon.
  • Eldorado Resorts is interested in selling property, too.

Not long ago, MGM Resorts sold The Bellagio to the Blackstone Group. Under the terms of this sale, the hotel-casino will be leased back to MGM Resorts, which will continue to operate the venue. Many analysts now believe that casino leasebacks could become the next big thing in Las Vegas.

Bellagio Las Vegas Hotel Casino

This move allows MGM Resorts to begin investing more money into property overseas. More companies likely recognize this and will choose to do the same. Let’s look at what this means for the future of Las Vegas.

MGM Resorts’ Sale of the Bellagio, Explained

MGM Resorts International is one of the biggest and most profitable casino companies in the world. It owns and operates many hotel-casinos in Las Vegas including the Mirage, MGM Grand, and Mandalay Bay. Recently, company officials revealed plans to sell some of the biggest venues in Las Vegas.

Eventually, news broke that MGM sold Circus Circus Hotel & Casino. The venue was purchased by Phil Ruffin, who owns several major properties in Las Vegas already. Reports indicate that Circus Circus was purchased for $825 million.

Immediately after selling Circus Circus, MGM Resorts announced that it sold the Bellagio Hotel & Casino, as well. The Bellagio is considered one of the most prestigious venues on the Strip. The Blackstone Group bought this property for an astounding $4.2 billion.

Not long after the sale was announced, details emerged that showed it would be leased back to MGM Resorts for $245 million a year. MGM Resorts will continue to operate the hotel-casino, as well.

These casino leasebacks could start becoming more common. Analysts predict more could be on the way.

Analysts Predict More Las Vegas Casino Leasebacks in the Future

Property values are continuing to rise in Las Vegas. Interestingly, more of the hotel-casinos here are owned by just a few companies. Many of these companies are now pushing to open new gambling venues overseas.

Japan, in particular, is an extremely desirable location for many casino companies. Only three casino licenses are set to be handed out here. Recent reports claim Japan could become the world’s third-largest casino market over the next few years.

Casino leasebacks could be the best way to generate revenue for these overseas investments. John DeCree, a gambling analyst for Union Gaming, believes this will soon become common in the city.

“It’s definitely a trend in the market,” he said. “As real estate investors are learning the casino industry, they’re realizing it’s a viable and stable real estate investment.”

Some companies are now claiming to be interested in this strategy.

Eldorado Resorts Likely to Sell Las Vegas Property in 2020

Earlier this year, Eldorado Resorts announced that it was acquiring Caesars Entertainment for more than $17 billion. It’s the largest merger between two casino companies in history. Eldorado Resorts is now looking at new ways to generate revenue to make up for the huge price of the acquisition.

Tom Reeg, CEO of Eldorado Resorts, said in a conference call on Wednesday that he’s interested in new real estate deals after the merger with Caesars is officially complete.

“Caesars has a lot of excess real estate both in and out of Las Vegas that could be used for future development, both for ourselves or in a partnership,” he said. “There’s lots and lots of entities that would like to get close to or on the Vegas Strip.”

Exactly which properties could be sold is unknown. It’s likely that these venues would be sold as casino leasebacks, similar to what MGM is currently doing.

It’s an exciting time in Las Vegas. More companies are now being given the opportunity to own property in this city.

More casino leasebacks could be coming soon. Stay tuned for more updates over the next few months!

MGM Springfield Could Soon Go For Sale

MGM Resorts International is having a busy year. In order to generate more revenue for expansion overseas, this company is working to sell some of its major properties. This week, officials within the company announced they were interested in selling the MGM Springfield.

MGM Springfield Casino

This Massachusetts hotel-casino has struggled to perform over the past year. It’s disappointing news for MGM, which has invested major resources into this venue. Today, we’re going to look at why exactly this casino could soon go up for sale.

MGM Resorts International Continues to Sell Property

MGM Resorts is one of the biggest and most profitable casino companies in the world. It owns a huge number of gambling venues around the world, including many in Las Vegas. Some of these MGM-owned properties are located on the Strip including the MGM Grand, Mandalay Bay Hotel & Casino, and The Mirage.

This company is undergoing a major transition right now. Recently, MGM revealed that it was working on selling many of its biggest properties. The idea is to sell properties and invest the money towards expansion throughout the US and abroad.

Just last month, MGM Resorts International announced that it sold Circus Circus Hotel & Casino. This venue was purchased by Phil Ruffin, owner of Treasure Island in Las Vegas. It’s unclear exactly what Ruffin plans to do with his new hotel-casino.

To the surprise of many, MGM Resorts International also sold the world-famous Bellagio Casino-Resort last month. It went to the Blackstone Group for an astounding $4.2 billion, making it the largest property sale in Las Vegas history.

Jim Murren, CEO of MGM Resorts International, recently told the media that additional property sales are likely to take place in the future.

Company Officials Are Now Interested in Selling MGM Springfield

Massachusetts has always been considered a lucrative casino market. Until fairly recently, however, no commercial gambling venues were able to operate here. This is no longer the case and today there are several popular privately owned casinos in Massachusetts.

MGM Springfield opened its doors back in August of 2018. At the time, it was the biggest and most impressive gambling establishment in the state. MGM Resorts International invested nearly $1 billion to open this casino in hopes of dominating the New England gambling market.

For a while, it was successful. MGM Springfield drew in thousands of visitors every month and revenue continued to increase. Recently, however, things have been going downhill for this casino.

In June, Wynn Resorts finally opened its own Massachusetts-based casino, called the Encore Boston Harbor. As the name suggests, this venue is located near Boston and immediately gained tremendous success. It’s so successful, in fact, that it’s captured a significant portion of the Massachusetts gambling market.

MGM Springfield’s revenue has continued to drop since the Encore Boston Harbor opened its doors. Officials are now interested in selling this property.

One plan that’s being discussed is selling the venue and then leasing it back. It’s the same strategy that MGM is using for the Bellagio. Some are skeptical that this plan will work in Massachusetts.

Officials Remain Skeptical of MGM’s Massachusetts Casino Sale

Selling a billion-dollar gambling venue doesn’t come easy. Recently, several politicians in Massachusetts voiced their skepticism over the sale of MGM Springfield. Domenic J. Sarno, Mayor of Springfield, spoke on this issue to the media this week.

“(The city has a) very strong Host Community Agreement with MGM and we will certainly hold MGM to this legally binding agreement,” he said. “Part of this mandates the city and the Massachusetts Gaming Commission must approve any and all adjustments to said agreement.” 

Others believe that a sale could be completed, yet the lease-back process that MGM is looking for might be more difficult.

It’s clear that MGM Resorts is bleeding cash from this venue. State officials recognize this, as well. Hopefully, they’re able to come to an agreement on how to best proceed next.

Stay tuned for more news on MGM Springfield over the next few months!

The Las Vegas MGM Grand Could Soon Go for Sale

Not long ago, two of the most popular hotel-casinos on the Las Vegas Strip went for sale. Now, reports are surfacing that more of MGM Resorts’ Las Vegas could be put up for sale. Amazing, the Las Vegas MGM Grand could soon go for sale.

Las Vegas MGM Grand

This hotel has long been considered MGM Resorts’ flagship property. For many, it’s a surprise to hear that this venue could potentially be sold. Let’s look at why exactly this company is selling so many of its hotel-casinos.

MGM Resorts Recently Sells Circus Circus and Bellagio

MGM Resorts owns more hotel-casinos in Las Vegas than any other company. Recently, officials within MGM revealed plans to sell some of the company’s biggest properties. Before long, the company did exactly that.

News quickly broke that MGM had sold Circus Circus to Phil Ruffin, owner of the Treasure Island Hotel & Casino. Ruffin purchased the property for $825 million. It’s still unclear exactly what plans Ruffin has for this popular venue.

Amazingly, MGM Resorts also sold the Bellagio Hotel & Casino in October. The Bellagio is widely considered to be one of the best casino-resorts in the world. The Blackstone Group purchased this venue for an astounding $4.2 billion, the biggest hotel-casino purchase in Las Vegas history.

This is all a part of MGM’s “asset-light” strategy. Essentially, the company wants to sell properties in order to help grow the company. The money earned is used to help expand the company in the US and abroad.

Now, reports are surfacing that one of MGM Resorts’ flagship venues could soon go for sale.

Las Vegas MGM Grand Could Soon be Sold

In a conference call, CEO of MGM Resorts Jim Murren commented on the company’s new property selling strategy. Murren confirmed that the company is interested in selling the Las Vegas MGM Grand. This is all a part of the company’s strategy to “unlock” the value from different properties.

Murren claims that MGM Resorts is currently in the process of “monetizing the real estate” of the Las Vegas MGM Grand. More details of this deal are scheduled to come out over the next few months.

The MGM Grand is one of the most popular gambling venues in Las Vegas. It opened in 1993 and quickly rose to become a hotbed of the city. It features a casino floor larger than 170,000 square feet.

This property also holds a massive entertainment area. The MGM Grand Garden Arena has hosted many of the biggest sporting events in the world. A number of major combat sporting events have been hosted here.

It’s unclear how much the MGM Grand will be sold for. It will likely earn MGM resorts billions.

According to Jim Murren, even more sales are currently being discussed.

More MGM Property Sales Are On the Horizon

MGM isn’t the only company prepared to sell some of its major properties. Eldorado Resorts, which is scheduled to merge with Caesars Entertainment, is also currently in the process of selling some of its major Las Vegas venues.

MGM Resorts, however, is selling more properties than any other company. According to new reports, this company is preparing to sell several other properties including the Aria, Vdara, and MGM Springfield in Massachusetts.

Selling the MGM Springfield property isn’t entirely expected. This hotel-casino has struggled to generate revenue for many months. Much of this is due to the success of the recently-opened Encore Boston Harbor, which has captured much of the Massachusetts gambling market.

Jim Murren claims these sales will help the company break into the Japanese casino market. MGM is one of the biggest US casino companies working to obtain a Japanese casino license. The additional revenue earned from property sales may go towards an integrated resort in this country.

We’ll need to wait and see who purchases the Las Vegas MGM Grand and for how much money. Stay tuned for more updates over the next few months!

Yahoo Sports and MGM Resorts Sign New Partnership Deal

One of the biggest casino companies in the United States has just signed a major partnership deal. According to multiple reports, Yahoo Sports and MGM Resorts have agreed to a sports betting collaboration. It’s extremely exciting news for both companies.

Yahoo Sports Logo

Today, we’ll be looking at the details of this new deal. We’ll also look at the US sports betting industry’s expansion. Let’s get into it!

MGM Resorts Recently Sold Las Vegas Strip Properties

MGM Resorts has recently been looking for new ways to generate revenue. Months ago, officials announced that they were interested in selling some of the company’s major Las Vegas properties. Then, earlier this month, MGM Resorts announced that it had sold The Bellagio and Circus Circus.

The latter was sold to Phil Ruffin, owner of Treasure Island. Ruffin purchased this property for an astounding $825 million. It’s unclear exactly what plans the executive has for this popular venue. Hopefully, he renovates and expands this hotel-casino.

MGM also made history by selling The Bellagio to the Blackstone Group. It cost Blackstone $4.2 billion, the largest of any casino-resort sale in Las Vegas history. Blackstone will soon begin leasing the property back to MGM Resorts for $245 per year.

Back in May of 2018, the US Supreme Court struck down PASPA. Now, every state in the country can set laws on sports betting. Nearly 20 states have outright legalized this form of wagering. MGM Resorts International quickly began working on ways to capitalize on the emerging US sports gambling industry.

Officials revealed their new online sports betting platform, called BetMGM, earlier this year. This week, Yahoo Sport and MGM Resorts signed a new deal to help promote this platform.

Yahoo Sports and MGM Resorts Officially Partner Up

Yahoo Sports’ app has a massive user base. It looks like MGM Resorts is looking to capitalize on the company’s existing status. This week, these companies officially agreed to a sports betting collaboration.

Next month, these two companies will begin offering traditional online sports betting and daily fantasy sports options through Yahoo using MGM’s Roar Digital platform. During the multi-year deal, the Yahoo Sports app will begin offering sports wagers, with all transactions taking place through BetMGM.

Jim Murren, CEO of MGM Resorts International, commented on this new partnership to the media this week.

“This partnership marks an important moment for BetMGM in the growing U.S. sports betting sector,” he said. “Integrating Yahoo’s leading fantasy sports operations and content with BetMGM’s world-class sports betting and interactive platform uniquely positions us to drive market share and large-scale adoption among sports fans.”

Commissioners of the NBA and NHL have both voiced their approval of this new deal. Hope is that the Yahoo Sports and MGM Resorts partnership helps to provide players with the best possible experience.

Several States Will Soon Launch Sports Betting Platforms

As we mentioned earlier, almost 20 states have officially passed bills to legalize sports gambling. 13 of these states have their sports betting operations up and running. An additional six are currently working to launch these platforms.

Montana is expected to have its online and land-based sports betting platforms operating very soon. Sports betting was made legal here back in May yet it’s taken lawmakers time to prepare for this industry’s launch.

Tennessee should also have its sports gambling operations made available soon. This state legalized sports betting in May, as well. Hope is that sportsbooks start operating within the next month or two.

In time, it’s likely that almost every state in the country will legalize sports betting.

Yahoo Sports and MGM Resorts will soon begin offering sports betting odds and DFS games. Make sure to stay tuned for more news on this situation over the next few months!

The Bellagio Sale is the Biggest in Las Vegas History

Las Vegas is going through an interesting time right now. Recently, several major casino operators here have committed to selling some of their biggest properties. MGM Resorts announced its Bellagio sale last week, which is said to be the biggest of any resort in Las Vegas.

Bellagio Hotel And Casino

The Bellagio Hotel & Casino was once the world’s greatest casino-resort. Its sale came as a huge surprise for many individuals. Today, we’re going to look at the history of this amazing hotel-casino, and talk about why exactly it was sold.

History of the Bellagio Hotel & Casino

In the 1990s, several major Las Vegas gambling venues opened their doors. None were as grandiose and exciting as the Bellagio Hotel & Casino. This venue first underwent construction in 1996 and officially opened to the public towards the end of 1998. It cost more than $1.6 billion to construct, which at the time meant it was the most expensive hotel ever built.

The Bellagio quickly exploded in popularity. It had some of the most expensive rates in the city, yet everyone wanted to stay here. This venue managed to bring in massive revenue earnings and was considered the hottest property on the Las Vegas Strip.

Of course, not everything lasts forever. Over the past decade, several new hotel-casinos have opened here that have somewhat taken away the Bellagio’s shine. Despite this fact, it’s still an incredible hotel-casino and one that continues to bring in massive revenue earnings every single year.

MGM Resorts International has discussed plans to sell some of its Las Vegas properties for years. Many felt that if any were sold, it would be the smaller, less popular venues located on the Strip.

Interestingly, officials within MGM confirmed last week that the Bellagio was being sold to the Blackstone Group.

MGM’s Bellagio Sale is the Biggest Ever Made in Las Vegas

The Blackstone Group has shown a major interest in purchasing major Las Vegas hotel-casinos. MGM Resorts International confirmed that they’d sold the Bellagio to this company for an astounding $4.2 billion. This makes it the biggest of any resort sale in Las Vegas history.

The terms of the Bellagio sale are very interesting. Blackstone Group will actually begin leasing the casino-resort back to MGM for an annual rent of $245 per year. MGM will also retain a 5% ownership stake in the hotel.

The second-largest casino sale in Las Vegas doesn’t even come close. In 2014, the Cosmopolitan Hotel & Casino was sold to Blackstone Group, as well. It cost them just $1.73 to purchase this venue.

Such a high price is expected for a hotel-casino as successful as the Bellagio. This venue generated more than $405 million in operating income last year. It’s showing no signs of slowing down, either.

MGM Chairman and CEO Jim Murren believes that selling properties will help the company “redeploy capital to higher-return investments.”

The Bellagio sale may not be the only major one taking place on the Las Vegas Strip.

More Las Vegas Strip Property Sales Could be Coming

MGM Resorts clearly feels that major property sales are the best course of action right now. Also last week, the company announced that it had sold the Circus Circus Hotel & Casino to Phil Ruffin, owner of Treasure Island. The sale earned MGM $825 million.

It’s unclear whether or not MGM Resorts International plans to get rid of any additional Las Vegas properties. Officials in the company seem committed to obtaining an elusive Japanese casino license.

Caesars Entertainment may soon announce another Las Vegas property sale. Earlier this year, Caesars agreed to merge with Eldorado Resorts. It’s the largest merger in US casino company history.

Heads of Caesars Entertainment claim they’re interested in selling properties. Last month, Caesars sold the Rio Hotel & Casino. It’s still possible for a major Caesars Strip property to go up for sale.

The Bellagio sale is the biggest in Las Vegas history. Make sure to stay tuned for more Las Vegas casino news over the next few months!

MGM Resorts Officially Sells Circus Circus Hotel & Resort

MGM Resorts is having an extremely busy year. For months, officials in the company have discussed selling one of their Las Vegas properties, Circus Circus Hotel & Resort. This week, the sale was finalized.

Circus Circus Hotel-Resort

It’s a big move for MGM. Circus Circus may not be the most profitable venue in Las Vegas, yet it’s without a doubt one of the most well-known. Now is a great time to look at why exactly this popular venue was sold.

History of Circus Circus Las Vegas

It seems like every few years, a new gambling venue opens up in Las Vegas. Amazingly, some of the old hotel-casinos are still going strong here. Circus Circus opened its doors all the way back in 1968 and quickly grew into one of the most popular venues in the city.

Unlike many of the early Las Vegas hotel-casinos, Circus Circus put a major emphasis on providing entertainment. The venue was designed as a giant circus tent and put on shows every day of the week. For many years, however, it didn’t have a hotel for guests to stay in.

Jay Sarno, the owner of this venue, began experiencing financial difficulties over the lack of accommodation options. Sarno began partnering with organized crime members and was quickly investigated by the federal government. In 1974, Circus Circus Hotel & Resort was officially sold to William Bennet and William Pennington.

MGM Resorts International purchased this venue in 2005. It’s location and somewhat older amenities made it one of the less-desirable venues in the city. Circus Circus has struggled to generate revenue over the years and officials within MGM decided they were interested in selling.

This week, it appears that this sale was finalized.

MGM Resorts Confirms the Sale of Circus Circus Hotel & Resort

Back in September, we reported on the news that MGM was looking to sell this venue. It was clear that the company was hoping to fast-track this sale and several individuals announced they were interested in purchasing it. As many predicted, MGM Resorts officially sold Circus Circus to Phil Ruffin, owner of Treasure Island.

Ruffin is excited to add another Las Vegas Strip property to his portfolio. He commented on the purchase to the media this week.

“Circus Circus has anchored the north end of the Las Vegas Strip for over 50 years, and I am excited to add it to my casino portfolio,” he said. “I have tremendous respect for Jim Murren and the MGM team, and my relationship with them goes back to my friendship with Kirk Kerkorian and continues to this day.”

According to multiple reports, Circus Circus Hotel & Resort was sold to Ruffin for $825 million.

Interestingly, Blackstone Real Estate Income Trust and MGM agreed to a partnership to acquire MGM’s Bellagio Hotel & Casino and lease it back to MGM. This deal is described as “one of the highest ever paid for a [Las Vegas] Strip asset.”

More Las Vegas Strip Properties Could Go For Sale

MGM Resorts isn’t the only company that’s interested in selling some of its Strip properties. The sale of Circus Circus Hotel & Resort may be the first of many upcoming sales over the next 12 months. Caesars Entertainment, which is set to merge with Eldorado Resorts, is also looking to sell some properties in the coming months.

Tom Reeg, CEO of Eldorado Resorts, told the media that Las Vegas property sales were likely.

“I would expect that we would be a seller of a Strip asset, but that decision has not been made,” he told the media. 

Last month, Caesars confirmed everyone’s suspicion and sold the Rio Hotel & Casino. Imperial Companies, a real estate firm based in New York purchased the gambling venue for $516.3 million.

It’s very possible that more sales are just around the corner. The merger with Eldorado Resorts is the biggest in history.

Make sure to stay tuned for more Las Vegas casino news this week!

MGM Lawsuit Against CT Tribes Could Soon Be Dismissed

MGM Resorts International is currently in a heated legal fight with several Native American Tribes in Connecticut. The major casino company believes these tribes are close to holding a monopoly over the state’s casino market. This week, the US Interior Department asked for the MGM lawsuit against CT tribes to be dismissed.

Flag Of Connecticut

Today, we’re going to look at why exactly this lawsuit is taking place. We’re also going to talk about the Interior Department’s new opinion of this legal battle. Let’s get into it.

Connecticut’s Laws on Casino Gambling

Connecticut is a small state and one that’s not typically thought of as a major gambling destination. Interestingly, some of the biggest casino-resorts in the world are based here. These casinos are hugely popular and help to bring the state millions of dollars in revenue every year.

For many years, very few wagering options were available in this state. In 1983, lawmakers here approved a state lottery. Charity gambling was also legalized. Special rules were also made on bingo gambling. This game could be wagered on for $1 as long as the maximum prize does not exceed $5.

In 1988, the US government approved the Indian Gaming Regulatory Act. This allows Native American Tribes to operate casinos on sovereign land. Two years prior to this law, the Mashantucket Pequot tribe opened a bingo hall on their land. By 1993, this gambling venue had slots and table games available to patrons.

Connecticut is now home to two major casino-resorts. Both are among the biggest in the world.

There are no laws in this state that explicitly ban online casino gambling. Many different online casinos in CT are now available, most of which offer a wide range of different gambling options.

MGM Lawsuit Against CT Tribes, Explained

MGM Resorts International owns many casinos all over the country. One of their top gambling destinations is in Springfield, Massachusetts. This company has recently taken legal action against the US Interior Department, the group who they believe is violating federal law and giving the Mashantucket Pequots and Mohegans an “unlawful state-conferred monopoly” on casino gambling in Connecticut.

Initially, MGM accused Connecticut of constitutional violations. The company felt the state’s no-bid approval of an East Windsor casino was made to purposely compete with MGM Springfield. The MGM lawsuit against CT tribes is now aimed at stopping the state from approving any additional casinos in the future.

“The amendments are not limited to an East Windsor casino: they facilitate commercial, off-reservation gaming by the tribal joint venture anywhere in Connecticut, and state legislators have recently proposed granting the joint venture an exclusive, no-bid license to operate a casino in Bridgeport, Connecticut,” the suit says. “The amendments thus confer a statewide, perpetual competitive advantage on the joint venture.”

Many individuals in Connecticut began pushing against this lawsuit. Several groups believe that MGM is simply trying to bully the state into submission.

This week, the US Interior Department officially requested for this lawsuit to be dismissed.

Interior Department Fights Against MGM Lawsuit

Officials in Connecticut were not going to bend to MGM’s will without putting up a fight. Andrew Doba, a spokesperson for the Mashantucket Pequot and Mohegan tribal nations partnership behind the East Windsor plan, commented on the lawsuit to the media last month.

“The choice for Connecticut policymakers can’t get any clearer,” Doba said. “We can either let a Las Vegas company that generates not one dime of revenue for the state push us around, or we can stand strong with the tribes and an industry that’s generated more than $8 billion in tax revenue and currently employs 18,000 people.”

The US Interior Department has now requested for the MGM lawsuit against CT tribes to be dismissed. The government body claims MGM is using “inapplicable legal requirements.” We’ll need to wait and see if a federal judge approves the Interior Department’s case dismissal.

The MGM lawsuit against CT tribes isn’t the only legal case this company is involved in. Recently, MGM Resorts agreed to a settlement with victims of the Las Vegas shooting.

Stay tuned for more Connecticut gambling 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.