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US – MGM buys out partner in CityCenter for $2.125bn

MGM Resorts International has bought out Infinity World Development Corp’s 50 per cent interest in CityCenter Holdings for $2.125bn. The purchase price represents an implied valuation of $5.8m based on net debt of $1.5m, after giving effect to the recently closed sale of a two-acre parcel. The agreement will make MGM Resorts the 100 percent…