MGM May Sell Its Springfield Casino

MGM May Sell Its Springfield Casino

MGM which is planning to tap into new markets is on an asset off-loading spree and according to the reports, the casino and hospitality giant is planning to sell its Springfield casino property.

MGM has already announced the sale of its Bellagio Hotel & Casino on the Las Vegas strip, for $4.25 billion.

MGM Chairman and CEO Jim Murren has already revealed plans to sell its iconic MGM Grand in Las Vegas by the year’s end.

In a statement to The Republican, MGM Resorts International said it was “proud of our work in our Springfield community and is committed to building on our shared accomplishments. This partnership has resulted in thousands of jobs and millions of dollars of revenue in the area, and we look forward to expanding our engagement in the Commonwealth.”

“Previous financial transactions made by MGM, like last month’s announcement regarding Bellagio in Las Vegas, focus exclusively on the transfer of real estate and have no bearing whatsoever on the property’s management or operations. These transactions have no impact on employees, partners or the guest experience,” the statement concluded.

The sale of the Springfield casino would be subject to regulatory approval from the Massachusetts Gaming Commission.

Last week, MGM reported its Q3 financial results. It incurred a net loss of $37m. For the same period the previous year, MGM had reported a profit of $143m.

MGM is planning to minimize its outstandings and also generate funds to invest in new endeavors. MGM has emerged as the strongest contender for a casino license in Japan’s Osaka prefecture. The casino operator has also announced that it is ready to invest to the tune of $10 billion in Osaka.

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