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MGM Resorts Is Betting Big on Las Vegas

TheMotleyFool

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MGM Resorts (NYSE: MGM) has quietly made a very big bet on the future of the Las Vegas Strip, and it could determine the stock's performance long term. Not only did MGM recently agree to acquire the half of CityCenter that it didn't own for $2.125 billion, but it also agreed to sell CityCenter's real estate for $3.89 billion to funds managed by Blackstone (NYSE: BX).

The move to acquire a key asset and monetize its real estate sounds smart on the surface, but it's adding more leverage to MGM's business. And if Las Vegas doesn't recover from the pandemic quickly, MGM will feel it.

Image source: Getty Images.

Source Fool.com

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