MGM Resorts and its venture partner, a subsidiary of the company, sold the Grand Victoria Casino in Elgin, Illinois, to Eldorado Resorts. MGM Resorts’ share of the net proceeds, for its 50% stake in the property, was approximately $162 million.
LAS VEGAS, Aug. 7, 2018 -- MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM) today announced that it, together with its venture partner, had completed the previously announced sale of Grand Victoria Casino in Elgin, Illinois, of which a subsidiary of the Company owned a 50% interest, to Eldorado Resorts for $327.5 million in cash, subject to a customary working capital adjustment.
MGM Resorts received its 50 percent share of the net proceeds after certain transaction costs, or approximately $162 million.
"We thank the employees of Grand Victoria Casino, who have made it a tremendous success over the years, and wish them all the best in the future," said Dan D'Arrigo, Executive Vice President and Chief Financial Officer of MGM Resorts.
The Company acquired its 50 percent interest in Grand Victoria Casino in connection with its acquisition of Mandalay Resorts Group in 2005.
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