MGM may sell parts of CityCenter project
Las Vegas -- MGM Resorts International CEO Jim Murren said Wednesday that the company is considering selling parts of its $8.5 billion CityCenter project on the Las Vegas Strip, including the Crystals Mall.
The sell-off would be a move to reduce CityCenter’s $1.85 billion in debt, which has been paid down from $2.5 billion last year.
CityCenter also houses the 4,000 Arai hotel casino which, said Mullen, is not part of any potential sale.
While there are no negotiations under way, Murren told the Associated Press that the 500,000-sq.-ft. luxury mall Crystals, which features such tenants as Gucci, Prada and Tiffany, is especially enticing to investors.
MGM owns CityCenter in a 50-50 partnership with Dubai World, the investment arm of Dubai's government.