After a nearly two-hour hearing, the Nevada Gaming Commission approved conditional licensing for media mogul Barry Diller to be a beneficial owner of MGM Resorts.
After the closing of a $1.625 billion deal Tuesday, MGM Resorts International is now the official owner of the 3,033-room Strip property.
Circa casino owner Derek Stevens said, “We’re back and bigger than ever. We want to make Las Vegas the hub of sports betting and football contests.”
Americans have bet more than $125 billion on sports with legal gambling outlets in the four years since a U.S. Supreme Court ruling cleared the way for all 50 states to offer it.
Multibillion-dollar property sales can be structured to allow buyers and sellers to avoid paying the transfer taxes that support schools and other programs in Nevada.
Complex transactions without transfer taxes frequently cite an exemption allowed under state law for entities that transfer property to a subsidiary.
The Nevada Gaming Commission gave unanimous final approval Thursday to MGM Resorts International’s plan to buy The Cosmopolitan of Las Vegas for $5.65 billion.
The report ranked the largest casino markets in the U.S. in terms of revenue for 2021. The Strip was first at $7.05 billion, followed by Atlantic City at $2.57 billion.
With its multibillion-dollar sale in the works, The Cosmopolitan of Las Vegas gave employees a welcome surprise Wednesday: a $5,000 bonus each.
A Las Vegas Valley resident is pleased she went to Green Valley Ranch on Tuesday night.