October 30, 2014
LAS VEGAS (AP) - MGM Resorts International may sell off parts of its city within a city project on the Las Vegas Strip.
CEO Jim Murren told the Associated Press Wednesday that the company would be open to selling pieces of its $8.5 billion CityCenter project.
The complex was built during boom times, but opened amid the recession in 2009. It houses the 4,000-room Aria hotel-casino.
Murren says that there are no negotiations, but the company sees the properties around Aria as opportunities for sale.
He says the 500,000-square-foot luxury mall Crystals is especially enticing to investors.
Executives emphasized the importance of reducing MGM debt during a conference call discussing the company's fourth quarter earnings released Wednesday.
MGM owns CityCenter in a 50-50 partnership with Dubai World, the investment arm of Dubai's government.