CityCenter Las Vegas Acquisition, Valuation, Funding & Investors

CityCenter Las Vegas was acquired by Realty Income for $800M in December 2025.

CityCenter Las Vegas acquisition price

$800M

Acquired by Realty Income · Dec 2025

Cumulative funding CityCenter Las Vegas raised

$3B

across 1 funding round

Key investors in CityCenter Las Vegas

  • Dubai World

CityCenter Las Vegas Overview

About CityCenter Las Vegas

CityCenter Holdings was the company-level joint venture formed by MGM Mirage and Dubai World to own and develop the CityCenter mixed-use resort complex on the Las Vegas Strip. MGM contributed the project assets and Dubai World contributed approximately USD 2.96 billion of cash at the November 2007 closing, leaving each party with a 50% membership interest. The platform developed ARIA Resort & Casino, Vdara and related hotel, residential, retail and entertainment assets. Its operating revenue came from gaming, lodging, food and beverage, entertainment and property activity rather than from passive land ownership alone. The venture was financed separately and functioned as an incorporated operating and development platform. In September 2021, MGM Resorts acquired Infinity World’s 50% membership interest for USD 2.125 billion. Following that closing MGM consolidated the company and became its sole owner.


HQ

United StatesUnited States

Status

Acquired

Customer focus

B2C & B2B

Revenue model

Services

Valuation

$5.4B (Nov 2007)

CityCenter Las Vegas Acquisition

CityCenter Las Vegas was acquired by Realty Income for $800M on 1 December 2025.

Before the acquisition CityCenter Las Vegas had raised $3B across 1 funding round.

CityCenter Las Vegas comprises the ARIA Resort & Casino and Vdara Hotel & Spa, offering gaming, lodging, luxury retail, upscale dining, approximately 5,500 rooms, and 500,000 square feet of convention space at the center of the Las Vegas Strip. Owned by funds affiliated with Blackstone Real Estate, the property operates under a triple net lease with annual rent escalators, 26 years remaining on the initial term, and three 10-year extension options, managed by MGM Resorts International. Realty Income Corporation, a real estate investment trust known as The Monthly Dividend Company, agreed on December 1, 2025, to invest $800 million in perpetual preferred equity in CityCenter's real estate assets, providing Blackstone with capital while retaining 100% common equity ownership. The deal, Realty Income's second with Blackstone Real Estate after the 2023 Bellagio Las Vegas joint venture where it invested $950 million, offers an initial 7.4% yield, is immediately accretive with a favorable IRR, and includes a right of first offer if Blackstone sells its common equity. Realty Income raised its 2025 investment volume outlook to over $6 billion following the announcement, supported by $417 million in cash and $1.3 billion in unsettled forward equity as of late 2025. Expected to close December 9, 2025, subject to customary conditions, the transaction enables Realty Income to access stable casino and hospitality cash flows without operational risks amid strong Las Vegas tourism and business travel demand.

CityCenter Las Vegas acquisition details
AcquirerDateTypePrice
1 Dec 2025Strategic M&A$800M

CityCenter Las Vegas Valuation

CityCenter Las Vegas is currently valued at $5.4B, based on its strategic investment round in November 2007. Read the announcement ↗

The $3B round included Dubai World.

CityCenter Las Vegas valuation by funding round

CityCenter Las Vegas valuation by funding round
DateStageValuation
Nov 2007Strategic investment$5.4B

CityCenter Las Vegas Funding History

CityCenter Las Vegas has raised a total of $3B across 1 funding round.

CityCenter Las Vegas funding rounds

CityCenter Las Vegas funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2007Strategic investmentDubai World$3B$5.4BDubai World and MGM Mirage closed the CityCenter joint-venture transaction on 15 November 2007. MGM contributed the CityCenter project assets, which the parties mutually valued at USD 5.4 billion subject to adjustments, while Dubai World contributed approximately USD 2.961 billion in cash through Infinity World. Immediately after closing, MGM received a distribution of about USD 2.469 billion and the venture retained roughly USD 490 million for near-term construction, leaving the partners with equal 50% interests. CityCenter Holdings was an incorporated platform that developed and operated ARIA, Vdara and related Las Vegas hospitality, gaming, residential and retail assets. Infinity World held its interest until MGM acquired it in 2021.

Who has invested in CityCenter Las Vegas?

1 investor has backed CityCenter Las Vegas across its funding rounds, including Dubai World.


CityCenter Las Vegas Investors

Investors in CityCenter Las Vegas by funding rounds participated
InvestorHQRoundsRoleFirst check

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CityCenter Las Vegas Competitors

CityCenter Las Vegas competitors include listed companies like Star Entertainment Group, SJM Holdings, IFA Hotels & Resorts and Paradise, and private ones like ICON Group and citizenM.

Public and private companies comparable to CityCenter Las Vegas
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Star Entertainment GroupAustraliaAustraliaPublicly listed$763M($100M)$725M1.2x
SJM HoldingsHong KongHong KongPublicly listed$2.1B$424M$973M1.5x
IFA Hotels & ResortsKuwaitKuwaitPublicly listed$77M$46M$655M-
ParadiseSouth KoreaSouth KoreaPublicly listed$850M$191M$626M1.6x
ICON GroupUAEAbu DhabiPrivate--$424M-
citizenMNetherlandsAmsterdamPrivate--$2.2B-

CityCenter Las Vegas Public Comps

CityCenter Las Vegas is no longer listed, but its public comps include Maistra, China Travel International, Tokyotokeiba, S P Setia, Nesco, Embassy Developments, NCC, Southern Sun, Far East Hospitality and National Corporation for Tourism & Hotels.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Maistra$293M$99M2.7x-8.1x-
China Travel International$520M$122M2.0x1.9x8.6x8.3x
Tokyotokeiba$264M$137M2.9x2.9x5.7x5.4x
S P Setia$1B$308M2.5x2.5x8.5x9.7x
Nesco$99M$54M7.4x7.4x13.6x13.9x
Embassy Developments$174M($42M)7.6x-(31.1x)-
NCC$2.2B$172M0.4x0.5x5.6x5.6x
Southern Sun$437M$141M2.1x2.1x6.5x6.6x

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Common questions about CityCenter Las Vegas

Where is CityCenter Las Vegas headquartered?CityCenter Las Vegas is headquartered in United States.
Is CityCenter Las Vegas publicly listed?No, CityCenter Las Vegas was acquired by Realty Income in December 2025.
Who acquired CityCenter Las Vegas?CityCenter Las Vegas was acquired by Realty Income in December 2025.
How much was CityCenter Las Vegas acquired for?CityCenter Las Vegas was acquired for $800M in December 2025.
What is CityCenter Las Vegas' valuation?CityCenter Las Vegas was last valued at $5.4B in its strategic investment round in November 2007.
How much funding has CityCenter Las Vegas raised?CityCenter Las Vegas has raised $3B across 1 funding round.
What was CityCenter Las Vegas' last funding round?CityCenter Las Vegas' last funding round was a $3B strategic investment round in November 2007.
Who are CityCenter Las Vegas' investors?CityCenter Las Vegas' investors include Dubai World.
Which companies are comparable to CityCenter Las Vegas?Companies comparable to CityCenter Las Vegas include Star Entertainment Group, SJM Holdings, IFA Hotels & Resorts, Paradise, ICON Group and citizenM.

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