CityCenter Board of Directors approves $250M dividend

Mar 24, 2017 9:32 AM

CityCenter Holdings, LLC ("CityCenter"), a venture between MGM Resorts International (MGM) and Infinity World Development Corp, Friday announced that the CityCenter Board of Directors has approved a $250 million dividend. CityCenter is located in the heart of the Las Vegas Strip.

It will be comprised of a $172 million special dividend and a $78 million dividend as part of its annual dividend policy. The $250 million dividend will be paid in the second quarter.

"CityCenter continues to demonstrate meaningful operating leverage, led by Aria, which produced record financial results in 2016," said Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International and Chairman of CityCenter. "The Board believes the strong free cash flow profile of CityCenter coupled with its low leverage will continue to provide opportunities to maximize shareholder returns for its owners."

CityCenter is 50 percent owned by a wholly owned subsidiary of MGM Resorts International and 50 percent owned by Infinity World Development Corp (a wholly owned subsidiary of Dubai World). It is an urban mixed-use development including ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room non-gaming boutique hotel with 225 luxury condominium residences; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences.

CityCenter opened in December 2009.