Lace them up: Boxing set for June 9 return in Las Vegas
FILE - In this Feb. 22, 2020, file photo, Tyson Fury, of England, lands a right to Deontay Wilder, left, during a WBC heavyweight championship boxing match in Las Vegas. Boxing promoter Bob Arum says he plans to stage a card of five fights on June 9 at the MGM Grand. It's the first of a series of fights over the next two months at the Las Vegas hotel. A second fight card will be held two nights later. Hearn told The Athletic that the first fight card is tentatively set for July 15.
Stocks making the biggest moves after hours: MGM Resorts, Tencent Music, Amazon and more
An exterior view shows MGM Grand Hotel & Casino on the Las Vegas Strip as the coronavirus continues to spread across the United States on March 15, 2020 in Las Vegas, Nevada. MGM Resorts International Shares of the resort company were up 5% after the bell, despite a planned shutdown of its Las Vegas casino operations for Monday evening. MGM Resorts announced Sunday that it is temporarily ceasing casino and hotel operations at its Las Vegas properties because of the coronavirus. Tencent Music The music streaming service saw shares climbed 2% in extended trading after the company reported fourth-quarter earnings. Tencent Music reported revenue of $1.05 billion, while analysts polled by FactSet expected $1.01 billion.cnbc.com
MGM Resorts CEO Jim Murren steps down, withdraws 2020 forecast blaming coronavirus
MGM Resorts chairman and CEO Jim Murren has told the company's board that he is stepping down, prior to his contract ending, the company announced Wednesday. Murren has been CEO since 2008, and he has been with the casino operator since 1998. MGM shares shot up more than 7% in after-hours trading on the news, but the stock was last up about 4%. The U.S. casino operator also withdrew its financial forecast for 2020, as it assesses how the coronavirus epidemic will impact operations. "While the coronavirus will clearly have a near-term impact to MGM China, we remain confident that it will not have a long-term impact on our business," the outgoing CEO said on a post-earnings call with analysts.cnbc.com
Two of Las Vegas' most famous hotels are under new ownership
Ethan Miller/Getty Images(CNN) - MGM Resorts is offloading two well-known Las Vegas casinos in separate deals that total nearly $5 billion. MGM is also forming a joint venture with private equity firm Blackstone to acquire the Bellagio's real estate and lease it back to MGM Resorts. Opened in 1968, Circus Circus is one of the city's most recognizable casinos and remains geared toward families with its theme park and cheap rooms. The $825 million deal is expected to close at the end of year, subject to regulatory approvals. This is the second major real estate deal that has shaken up the Las Vegas landscape this year.
MGM Resorts to sell Circus Circus for $825 million, strikes deal to lease back Bellagio
MGM Resorts International announced two deals Tuesday expected to bring in billions in cash, as it looks to fortify its balance sheet in the event of an economic downturn. MGM signed a deal to sell its Circus Circus Las Vegas property for $825 million to an affiliate of Treasure Island owner Phil Ruffin. The company views Circus Circus as non-core, said Salem. MGM Resorts will have 5% equity in the joint venture and cash proceeds of roughly $4.2 billion once the deal closes. The MGM resorts subsidiary will pay $245 million in annual rent.cnbc.com