CityCenter Announces Entry Into Definitive Agreement to Sell the Mandarin Oriental Las Vegas

LAS VEGAS, April 26, 2018 /PRNewswire/ -- CityCenter Holdings, LLC ("CityCenter"), a venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp, today announced that it has recently entered into a definitive agreement to sell the Mandarin Oriental Las Vegas (the "Hotel") and adjacent retail parcels for approximately $214 million in cash, subject to satisfactory completion of due diligence and customary closing conditions.  The transaction is expected to close in the summer of 2018.

The Hotel is located at the entryway of CityCenter and in the heart of the Las Vegas Strip featuring 392 guestrooms, including 57 suites, 12,000 square feet of meeting space, five food and beverage outlets, and a two-level 27,000 square-foot spa.  The Hotel is LEED® Gold certified from the U.S. Green Building Council.

About CityCenter

CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp (a wholly owned subsidiary of Dubai World), is a mixed-use development on the Las Vegas Strip located between the Bellagio and Monte Carlo resorts that includes ARIA Resort & Casino, a 4,004-room casino resort; Vdara Hotel and Spa, a 1,495-room luxury condominium-style hotel; and the Veer Towers, which contain 669 luxury condominium residences. 

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties.  Forward-looking statements are based on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the timing of the closing of the transaction. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the effects of local and national economic, credit, and capital market conditions on the economy, in general, and on the gaming industry and that the completion of the transaction described herein is subject to customary closing conditions, including the completion of a due diligence period, which may not be satisfied.

SOURCE CityCenter Holdings, LLC