CityCenter Enters Into Agreement To Sell Two-Acre Parcel Land In Las Vegas

LAS VEGAS, April 26, 2021 /PRNewswire/ -- CityCenter Holdings, LLC ("CityCenter"), a venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp, today announced that it has entered into a definitive agreement to sell its two-acre site to 63SLVB, LLC, owned by locally-based long-time national retail developers Brett Torino of Torino Development and Paul and Dayssi Kanavos of Flag Luxury, for approximately $80 million.

Located in the heart of the iconic Las Vegas Strip, this undeveloped parcel of land sits within the CityCenter campus, adjacent to The Shops at Crystals on the corner of Las Vegas Boulevard and Harmon Avenue.

Under the terms of the agreement, 63SL­­VB, LLC intends to develop a multi-level retail complex comprising specialty retail and casual and fine dining.

Arquitectonica of Miami Beach has been engaged to create a design that is commensurate with the image, standards, and mixed-use nature of the CityCenter campus.

The transaction is expected to close in the second quarter of 2021.

For leasing information visit: www.63lasvegas.com

About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp (a wholly owned subsidiary of Dubai World), is a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino, a 4,004-room casino resort; Vdara Hotel and Spa, a 1,495-room luxury condominium-style hotel; and the Veer Towers, which contain 669 luxury condominium residences.

Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties. Forward-looking statements are based on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the closing of any transaction. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the effects of economic and market conditions in Las Vegas and competition with other destination travel locations throughout the United States and the world.  In providing forward-looking statements, CityCenter is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise except as required by law.

SOURCE MGM Resorts International; CityCenter Holdings, LLC

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