LAS VEGAS (FOX5) -- With MGM Resorts' recently implemented growth strategy, the company announced this week it is considering the real estate sale of MGM Las Vegas.
"This potential transaction would be a sale of only the real estate, like the deal with Bellagio," MGM spokesman Brian Ahern said in a statement. "There would be no changes to management or operations, and MGM would continue to manage and operate the property.
On Oct. 15, MGM reported two significant business transactions. The resort-casino operator entered a joint venture with Blackstone Real Estate Income Trust to sell and lease the Bellagio on the Las Vegas Strip. Additionally, Circus Circus, on the north end of the Strip, was sold to casino mogul Phil Ruffin.
The proposed move falls in line with MGM's "asset-light" strategy to "unlock value" in its retained properties.
MGM Resorts hopes to evolve the business into a developer, manager and operator-centric company, moving away from its former model revolving around capital intensive real estate, according to a conference call presentation.
A target date for the real estate sale was not released.
MGM Resorts also seeks to monetize or find added value in MGM Springfield, CityCenter and MGP OP units.