MGM and Dubai World to split CityCenter dividend of $180 million
Monday 25 de March 2019 / 13:44
2 minutos de lectura
(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.
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
País: United States
Event
GAT EXPO CARTAGENA 2025
28 de April 2025
26th edition of GAT Expo Cartagena closed with great success
(Cartagena de Indias).- The most important fair for the gaming, entertainment, technology and Esports industry in Latin America ended with an excellent commercial balance and testimonials of satisfaction from suppliers and operators, local and international authorities, associations and the main trade unions in the region.
Friday 02 May 2025 / 12:00
Colombian Olympic Committee, GAT Expo, and Colombian Official Esports Announce Historic Partnership to Promote Esports as an Olympic Discipline in Colombia
(Cartagena) - The Colombian Olympic Committee (COC) and GAT Esports have sealed a strategic partnership to promote esports as part of the country's professional sports ecosystem. The announcement was made at a formal ceremony held at the gaming industry products and services exhibition hall, attended by Marco Emilio Hincapié, President of Coljuegos, COC executives, José Aníbal Aguirre, CEO of GAT Esports, media, and special guests.
Wednesday 30 Apr 2025 / 12:00
GAT Expo 2025: Novelties, technology, innovation, and high-level networking in the magical city of Cartagena
(Cartagena, SoloAzar Exclusive).- Today concludes GAT Expo Cartagena 2025, which has taken place this week with the presence of 23 countries and more than 70 international brands in the historic city of Cartagena de Indias, with its cobblestone streets, flower-filled balconies, and centuries-old walls.
Wednesday 30 Apr 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.