MGM Completes Sale and Contemplates Purchase, & Massive Slot Jackpot Win

It was a big week for MGM in the gaming community as they were in the headlines for a number of reasons. From real estate moves to big wins, let’s recap the biggest casino news of the week.

MGM Resorts Parts Ways With Las Vegas Massacre Site

MGM Resorts is looking to add some space between itself and the site of one of the deadliest mass shootings in United States’ history. MGM has just announced that they will be selling the 13-acre land known as The Village, which is right next to the Mandalay Bay resort. They are selling it off to the Three Affiliated Tribes. The only part of the land that they will not be selling off is a two-acre section that MGM has already made clear that they plan on turning into a memorial for the tragedy that happened in 2017.

The shooting has left Las Vegas Village silent since then. The killer opened up a window in the hotel and fired over 1,000 rounds from his room in Mandalay Bay, killing 60 people and injured another 867 before taking his own life. To this day, nobody is quite sure what was the motive behind this crime.

FILE – Debris litters festival grounds across the street from the Mandalay Bay resort and casino on Oct. 3, 2017, following a mass shooting in Las Vegas. MGM Resorts International has closed on the sale of land on the Las Vegas Strip that was the site of the deadliest mass shooting in modern U.S. history, the company announced Friday, Dec. 30, 2022. (AP Photo/Marcio Jose Sanchez, File)

Three Affiliated Tribes are now planning to help rejuvenate the area. While there was a tragedy there, it’s clear that it’s prime real estate and maybe making something of it will help people in the area move on. The official plans for the land haven’t been revealed yet, but there was talk from MGM about turning it into a community and athletics center.

MGM Is Mulling M Resort Purchase In Las Vegas

Rumors are on the rise as there is growing speculation that MGM Resorts International could be thinking about purchasing the M Resort Spa Casino. It has been reported that they’re already at the talking stage with Penn Entertainment in order to get an estimation on pricing for the property. It’s also been made clear that these discussions usually take quite a while to get completed, so don’t expect it to be finalized anytime soon.

The current price hasn’t been revealed yet, but it’s likely not going to cost them over $1 billion like a few other resorts could cost on the Las Vegas Strip. It’s still entirely on the rumor mill at the moment, which means that the sale might never even come to fruition.

However, it does seem plausible. After all, MGM has been utilizing an asset-lite model. The concern could be on the side of Penn Entertainment. They have already talked about dumping $200 million to increase the size of the property and selling it would mean that they don’t have much of a footprint in Las Vegas.

Shooting Star Casino Player Wins $1.37 Million Slot Jackpot

One grandfather’s life completely changed for the better when he won a whopping $1.37 million from a slot machine at the Shooting Star Casino in Mahnomen, Minnesota. Cornell Mclean, the winner, was able to win the money while visiting with his wife, daughter and son-in-law. In fact, they almost never made it to the casino because as they were traveling from Canada to the United States and they were met with an hour-long delay.

The family has already mentioned that some of the money will go towards buying a new house. Another portion of the money will be going towards Mclean’s three siblings and the rest might be split between the couples five children and their 16 grandchildren.

Despite all of this money, though, the couple has made it clear that they won’t be changing their lifestyle because of this win. They plan to continue living the same way they always have and, in their words, “We’ll keep doing what we’ve been doing.”

That’s good to hear as a number of big jackpot winners blow the money quickly and later struggle after the money has run dry.