could seek sale-leaseback transactions<\/a>, the deal structure in the Bellagio divestment, for MGM Grand and MGM Springfield.<\/p>\nThe company could also look to wring some value from its 50 percent interest in mixed-use complex CityCenter, as well its 68 percent stake in MGM Growth Properties (NYSE:MGP).<\/p>\n
\u201cThe company stated its intention to reduce domestic net debt\/EBITDA (on a restricted group basis) to about 1.0x,\u201d said the ratings agency. \u201cMoody\u2019s-adjusted consolidated adjusted leverage will remain largely unchanged because the company will take on the lease obligation and has agreed to guarantee the proposed financing that the joint venture will arrange to fund the real estate purchase. The use of asset sale proceeds to reduce funded debt supports the company\u2019s move to an asset-light operating model<\/strong>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Last week, MGM Resorts International (NYSE:MGM) confirmed that it’s selling the Bellagio to a real estate partnership controlled by Blackstone Group Inc. (NYSE:BX) for $4.25 billion, and the Circus Circus to Treasure Island owner Phil Ruffin for $825 million. MGM will garner about $4.3 billion in after-tax proceeds from the sales of the two Las […]<\/p>\n","protected":false},"author":46,"featured_media":117715,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
MGM Sales of Bellagio, Circus Circus Could Help Its Credit Rating<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n