However, that effort was aborted as it could not find a good offer. In fact, Las Vegas, NV-based MGM Resorts, which primarily owns and operates casino resorts through wholly owned subsidiaries, tried to sell the property 3 years ago as well.
Per the news, this transaction is in sync with MGM Resorts' strategy to monetize assets when they are attractive.
Located on the Las Vegas Strip in Paradise, NV, Crystals is a shopping mall and entertainment district, spanning over an area of 500,000 square feet. The acquisition of Crystals with trophy assets and high-end tenants, is likely to be accretive to Simon Property, the Indianapolis, IN-based retail real estate investment trust ("REIT"). It reported revenue of more than 5.3 billion in 2022. Crystals is a division of Cit圜enter, which is jointly owned by MGM Resorts and Dubai-based investment firm, Infinity World Development Corp. Indianapolis-based Simon Property Group is the majority owner of more than 250 shopping centers in North America, Asia and Europe. SPG and MGM Resorts International MGM have inked a deal for the sale of the latter's Shops at Crystals mall in Las Vegas to the former for $1.13 billion.
Simon property group las vegas pdf#
According to a Bloomberg report, Simon Property Group Inc. Simon Property Download PDF Check Treatment Summary concluding that a claim for breach of duty of loyalty was 'subject to dismissal pursuant to the economic loss doctrine' if the defendant's conduct were prohibited by contract Summary of this case from FLS Transp.
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