VICI Properties acquires remaining stake in MGM Grand/Mandalay Bay for $1.27bln in cash, purchase of existing debt
Casino real estate giant VICI Properties is going to completely take over the Las Vegas MGM Grand and Mandalay Bay properties, acquiring financial behemoth Blackstone’s 49.9 percent stake in a deal worth ‘approximately $1.27 billion’ in cash.
Former Suncity boss Alvin Chau has continued to plead his innocence while also calling for an acquittal of his Suncity employees, rather than beg courts to solely dismiss charges against him. Chau made the statement in the final hearing before the issuance of a verdict in the case, on January 18th.
Wynn Resorts has completed the sale of the land and real estate assets of its Encore Boston Harbor property to Realty Income Corporation, for $1.7 billion in cash.
Mohegan’s South Korean foreigner-only casino resort in Incheon, Inspire Entertainment Resort, is planning to open a 15,000-seat performance hall for K-pop concerts, E-sports competitions, festivals, major sporting events and other live events, beginning in the fourth quarter of 2023.
A newly proposed sovereign wealth fund for the Philippines has passed the committee level at the nation’s House of Representatives and now goes on to a second reading on December 6th.
Macau’s gross gaming revenue for the month of November continued its dismal trend, with GGR coming in at just MOP2.99 billion ($374.23 million). The figure is a 23.08 percent monthly drop and a 55.56 percent yearly drop.
Sands China is restructuring the share capital and management of its concession-detaining subsidiary in Macau, the second company to announce such a restructuring following the government’s granting of provisional 10-year gaming concessions to the six incumbent operators.
Macau hotels’ average occupancy rate in October improved by some 4.2 percentage points when compared to the previous month, reaching 41.8 percent, despite registering a 3-percentage point fall year-on-year.
Sri Lanka’s Ministry of Finance has been tasked with submitting an action plan to set up a casino regulatory authority, as the nation aims to verify whether its current casino licensees are paying taxes.
Macau’s latest COVID cluster continues to increase, with authorities identifying even more cases linked to an infected taxi driver, leading to three days of mass home testing of the population.