| Major Casino Transactions on the Las Vegas Strip in 2022
Last year, various casino companies mixed things up by buying, selling, and engaging in leasebacks of properties. This came after the economy took a sharp dive due to COVID-19 but started picking up again.
Several big deals that were lined up last year were finalized in 2022.
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Las Vegas Sands Sells Iconic Properties
In February, Las Vegas Sands Corp. said goodbye to the Strip, selling The Venetian, Palazzo, and The Venetian Expo to Apollo Global Management Inc. While Las Vegas Sands is still based in Las Vegas, its focus has shifted to its leading market in Macao and to Singapore. The company is also looking at new opportunities in the U.S., including Texas, Florida, and New York.
The sale to Apollo and Vici Properties Inc., which was first talked about in March 2021, was a massive $6.4 billion deal. Apollo paid $2.25 billion, and Vici, a real estate trust linked to Caesars Entertainment Inc [url=https://lotterydaily.com/2024/03/18/highlighted/igt-helping-lotteries-globally-genera
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Apollo is familiar with the casino world, having previously bought and invested in Caesars Entertainment. After Caesars came out of bankruptcy in 2017, Apollo and its partner sold their shares in 2019.
The new Venetian owners were happy to report that the resort is doing better than they hoped, and they plan to pour $1 billion into it over the next few years. They even gave $1,500 bonuses to their 7,000 workers in early December.
Palms Casino Makes Tribal History
The Palms Casino Resort reopened on April 27, and made history by being the first Las Vegas resort owned and operated by a Native American tribe. The San Manuel Band of Mission Indians, which runs Yaamava’ Resort and Casino in California, bought the Palms from Red Rock Resorts for $650 million in May 2021. They refreshed the property with a new look and some updates, adding on to the previous $690 million renovation by Red Rock Resorts [url=https://cdcgaming.com/brief/vegas-strong-fund-taking-over-completion-of-1-october-mem
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The Palms is now working on drawing in Las Vegas locals and visitors from Southern California.
MGM Resorts Acquires the Cosmopolitan
In May, MGM Resorts International expanded its presence on the Strip by taking over The Cosmopolitan. The property was sold by Blackstone for $5.65 billion. MGM bought the operations for $1.63 billion and agreed to a 30-year lease. Although some new investors took over the real estate, Blackstone kept a part of the property.
Blackstone had originally bought The Cosmopolitan in 2014 and invested in renovations, improving rooms, and adding better food and drink options.
Bally’s Takes Ownership of Tropicana
Bally’s Corp. completed its acquisition of the Tropicana Las Vegas from Penn Entertainment Inc. for $308 million in September. This deal was first made public in April 2021. Bally’s agreed to a 50-year lease with Gaming and Leisure Properties Inc., which is associated with Penn Entertainment, with an annual rent of $10.5 million.
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Hard Rock International Buys The Mirage
Hard Rock International wrapped up its purchase of The Mirage from MGM Resorts for $1.08 billion. The Seminole Tribe of Florida, which owns Hard Rock, is planning a big renovation to rebrand the property, scheduled to start around the end of 2023 or 2024.
The Hard Rock will have more rooms, slots, table games, and bigger spaces for conventions and theaters than The Mirage did. They\'re also planning to build a new all-suites tower that looks like a guitar, taking the place of the famous Mirage volcano.
Caesars Decides Against Selling
Caesars Entertainment, unlike the others, is noted here for not going through with a sale this year. They had been considering selling one of their Strip resorts since 2019, but plans were delayed by the pandemic. While there were talks of selling properties like the Flamingo or Planet Hollywood, the CEO, Tom Reeg, eventually decided against it in 2022. Reeg explained that the market conditions weren\'t right, and the earnings from the properties continued to rise, so they held off on selling.
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