Treasure Island: MGM Resorts Braces For Recession, Sells Circus Circus And Rents Back Bellagio

Wall Street on Tuesday greeted with a yawn two huge deals by MGM Resorts International intended to fortify the latter's balance sheet against the predicted economic recession expected to strike over the next two years. MGM Resorts signed a deal to sell its Circus Circus Las Vegas hotel and casino (which has the largest permanent big top in the world) for $825 million to Phil Ruffin, owner of the Treasure Island Hotel and Casino on the Las Vegas Strip in Paradise. In making the sale, MGM Resorts described Circus Circus as a non-core asset.