MGM Resorts International ended months of speculation over the fate of two of its Las Vegas Strip resorts Tuesday, selling Circus Circus Las Vegas to rival casino operator Phil Ruffin for $825 million and striking a sale-leaseback deal for Bellagio that values the resort’s real estate at $4.25 billion. The transactions are the result of the company’s ad-hoc board committee that began meeting in January to consider and unlock the value in the company’s real estate holdings. The committee also wanted to address two key issues: How to deal with the company’s massive debt – nearly $15 billion at the end of June – and how to boost its sagging stock price.
Read More: Howard Stutz, CDC Gaming Reports