Casino giant MGM Resorts’ CityCenter subsidiary has reached an agreement with Infinity World Development Corp to sell a two-acre Las Vegas strip site to retail developers in a deal worth approximately $80m.
The buyers are 63SLVB LLC, owned by Brett Torino of Torino Development and Paul and Dayssi Kanavos of Flag Luxury.
The land is situated in Vegas’ CityCenter campus, on the corner of Las Vegas Boulevard and Harmon Avenue, with the deal expected to be concluded by the second quarter of 2021.
63SLVB LLC intends to build a multi-level retail complex on the undeveloped site, consisting of specialty retail outlets and restaurants.
The $80m generated will be valuable income to MGM, which incurred losses of more than $1bn during a difficult 2020.