MGM Gets $637 Million For Park Rebrand

The MGM rebrand of the Monte Carlo as Park MGM (l.) and NoMad Las Vegas earned it more than half a billion dollars from the property’s owner, MGM Growth Properties. The 2,700-room property has added new restaurants and a massive theater hosting artist residencies.

MGM Growth Properties last week agreed to pay MGM Resorts $637.5 million for the improvements and rebranding of the new Park MGM and NoMad Las Vegas. Formerly Monte Carlo, MGP already owned the building, but agreed to reimburse MGM Resorts for the renovations. The high end NoMad Las Vegas operates 293 of the property’s 2,700 rooms. Improvements included construction of the Park Theater, a 5,200-seat facility that features residencies by such stars as Cher, Lady Gaga and Jennifer Lopez.

MGM originally put a $550 million price tag on the Monte Carlo improvements, and MGP agreed to the final number. However the rent paid by MGM Resorts on Park MGM will increase by $50 million annually.

MGM Park is one of six MGM Las Vegas Strip casinos owned by MGP. The company recently spent $1 billion to buy the most successful casino in Ohio, Hard Rock Northfield, which will be run by MGM Resorts and rebranded.

“MGM Resorts will continue to deliberately reduce our owned real estate through accretive transactions in the future,” MGM Chairman and CEO Jim Murren said in a statement. “MGM Growth is an attractive partner to achieve this goal. We remain committed to our stated strategic objectives, including reducing our ownership stake in MGM Growth.”

Recent Articles

History Playbook

On This Day In Sports History

On July 29, 1996, legendary manager Tommy Lasorda announced his retirement from the Los Angeles Dodgers following a heart attack. 💔⚾ His departure marked the end of an incredible era: Lasorda won 4 National League pennants and 2 World Series titles after taking over Between Alston (hired in Brooklyn in 1953) and Lasorda, the Dodgers had only two managers over a span of nearly 43 years! Bill Russell stepped in to replace him. Talk about franchise stability.

On This Day In Sports History

On July 29, 1994, horse racing history witnessed one of the most unbelievable coincidences ever caught on a photo-finish camera. Two completely evenly matched thoroughbreds—Honest Onyx and Exclusive Gold—went head-to-head for a grueling seven furlongs at Assiniboia Downs. When they hit the wire, officials reviewed the finish-line camera and literally could not separate them. The result? A rare, official dead-heat for the Win! But the story gets crazier. Just two weeks later, the exact same two horses raced the exact same distance at the same track—and dead-heated again, this time tying for second place. Talk about defying the odds! official dead heat