Staff of Reuters 1 minute Reuters (Reuters) – MGM Resorts announced on Thursday that it will pay $2.12 billion to Infinity World Development Corp, a unit of Dubai World, for the remaining 50 percent ownership in their joint venture on the Las Vegas Strip. CityCenter Holdings is an urban complex that includes the Aria Resort and Casino as well as the Vdara Hotel and Spa. MGM plans to sell the Aria and Vdara hotels to private equity firm Blackstone for $3.89 billion in cash after the transaction. According to Blackstone, MGM will lease both sites for an initial annual rate of $215 million. The transactions are likely to close in the third quarter of this year. MGM paid around $5.8 billion for CityCenter, which includes $1.5 billion in net debt. Ankit Ajmera contributed reporting from Bengaluru, while Maju Samuel and Arun Koyyur edited the piece./n
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