A Glance at MGM Resorts Las Vegas 2023

MGM Resorts International closed out 2022 and welcomed the new year with an array of top entertainment in Las Vegas. New Year’s Eve was highlighted by the SelvaRey New Year's Rum Fiesta hosted by multi-Grammy Award winner Bruno Mars at Bellagio Resort & Casino as well as a high-energy concert by The Killers at The Chelsea Theatre at The Cosmopolitan of Las Vegas. Revelers in the Entertainment Capital of the World watched as Mars rang in 2023 at The Mayfair Supper Club at Bellagio with a champagne toast.

Bruno Mars and Anderson .Paak toast in 2023 at the SelvaRey New Year’s Rum Fiesta at The Mayfair Supper Club at Bellagio Resort & Casino. Photo Credit Daniel Ramos

A month before the year ended, MGM Resorts announced it has closed on the sale of the operations of The Mirage Hotel & Casino to Hard Rock International for $1.075 billion in cash.

"The closing of this transaction represents another important step in the pursuit of our long-term strategic objectives," said Jonathan Halkyard, CFO & Treasurer, MGM Resorts International. "We plan to use the proceeds from this transaction to further advance our capital allocation strategy which includes maintaining a strong balance sheet, pursuing targeted growth opportunities and returning cash to our shareholders." At the closing of the transaction, MGM Resorts' master lease that currently includes The Mirage property will be amended to reduce the annual rent by $90 million. The Company expects net cash proceeds after taxes and estimated fees to be approximately $815 million.

Earlier in the year MGM Resorts acquired the operations of The Cosmopolitan of Las Vegas from Blackstone for cash consideration of $1.625 billion. With the closing of the transaction, The Cosmopolitan of Las Vegas officially joins MGM Resorts' roster of iconic brands along the Las Vegas Strip.

"The Cosmopolitan of Las Vegas has already established itself as one of the Strip's premier resorts with an iconic brand, well-curated experiences and a loyal customer base. We couldn't be more excited to bring them into our portfolio of world-class operations," said MGM Resorts CEO and President Bill Hornbuckle.

MGM Resorts Unveils Vision For The Bellagio Fountain Grandstands For FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX 2023. Images provided by MGM Resorts.

2023 will certainly be an eventful year for MGM Resorts as they will construct one of the world's most exclusive live sports-viewing experiences for the FORMULA 1 HEINEKEN SILVER LAS VEGAS GRAND PRIX. They released the following Race Day Package Options:

Bellagio Grandstands will feature seats overlooking the track as the renowned Fountains dance nearby. This premium package will give fans the view of a lifetime and an only-in-Vegas experience. Currently, only guests purchasing an MGM Resorts room package will have access to this unrivaled location.

Paddock Grandstands will serve as a central point of the Las Vegas Strip Circuit™ and treat fans to the spectacle of the start and finish line, plus behind-the-scenes views of the pit lane and team garages.

"In just over a year, F1® fans from around the globe will see how Las Vegas throws a party," said Steve Zanella, MGM Resorts' Chief Commercial Officer. "In addition to the Bellagio Grandstands, which will set new standards for event viewing, we will create a round-the-clock celebration worthy of this international spectacular."

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