CityCenter Holdings LLC, a venture between MGM Resorts International and Infinity World Development Corp, has announced that the CityCenter Board of Directors has approved a $180m dividend consisting of a $116m special dividend and a $64m dividend as part of its annual dividend policy.
The $180m total is expected to be paid by the end of the second quarter of 2019. MGM Resorts and Infinity World will each receive $90m, their 50% share of the dividend.
“CityCenter continues to demonstrate its leadership as a premier luxury destination, as ARIA is one of the top performing resorts in Las Vegas and within the MGM portfolio,” 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 and balance sheet of CityCenter will continue to provide opportunities to maximize shareholder returns for its owners,” he added.
CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp, 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.