Casino

MGM and Dubai World to split CityCenter dividend of $180 million

Monday 25 de March 2019 / 13:44

⏱ 1 min read

(United States).- MGM Resorts International and global investment company Dubai World will split a $180 million dividend from their 50-50 ownership of the CityCenter complex on the Las Vegas Strip, it was announced in a statement released Friday.

MGM and Dubai World to split CityCenter dividend of $180 million

CityCenter said the dividend – $90 million to each company – will be paid by the end of June. The dividend consists of a $116 million special dividend and a $64 million dividend as part of CityCenter’s annual dividend policy

CityCenter, which includes the 4,000-room Aria resort-casino, a non-gaming hotel, and 669 condominium residences, opened in 2009.

Dubai World is the investment arm of Dubai in the United Arab Emirates. MGM Resorts manages the CityCenter complex.

MGM Resorts Chairman and CEO Jim Murren, who is also chairman of the CityCenter board, said Aria is “one of the best performing resorts” operated by the casino giant.

“The Board believes the strong free cash flow profile and balance sheet of CityCenter will continue to provide opportunities to maximize shareholder returns for its owners,” Murren said in a statement.

Two of the original components of CityCenter have since been sold off. Mandarin Oriental, a non-gaming luxury hotel and condo complex, was sold to Waldorf Astoria for $214 million in 2018, and the Crystals retail complex was sold for $1.1 billion in 2016.

Deutsche Bank gaming analyst Carlo Santarelli said CityCenter has provided MGM Resorts roughly $1.15 billion in dividends between 2016 and 2018.

“CityCenter has been a meaningful source of cash for MGM over the last several years, with multiple special dividends providing the bulk of the distributions from the Joint venture,” he said.

Categoría:Casino

Tags: MGM, casinos,

País: United States

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