MGM Resorts Land Holdings purchased a small piece of land measuring only 1.62 acres (0.0065 square km) south of the iconic Bellagio fountains on May 15, 2023. 

During the same month, MGM Resorts’ LeoVegas announced it would acquire Push Gaming in an attempt to give its global development a push. 

The Space Is Currently a Parking Lot 

The long and slender piece of land between Bellagio and The Cosmopolitan, both operated by MGM, stretches some hundred feet. At the moment, the vacant lot serves the purpose of a parking lot as well as a storage space for garbage. 

The Strip is not visible from MGM’s new piece of land because of the existing trees at the location.

In the past, the small strip of land was under the ownership of Steve Wynn, the real estate developer and art collector responsible for creating some of Sin City’s most popular casinos, including Treasure Island, The Mirage, Wynn Las Vegas, and Bellagio.

Almost two and a half decades ago, Wynn, who, according to Forbes, has a $3.4 billion real-time net worth as of January 12, 2024, sold The Mirage, Bellagio, and Treasure Island to MGM. 

The latter inherited Wynn’s rights to the 1.62 acres it bought last spring. MGM has not yet expressed its plans regarding the small strip of land. 

Why Is the Purchase Important for MGM?

For starters, the casino giant does not own a lot of real estate underneath the gaming venues that it owns. This is mostly because NYSE-listed VICI is the owner of most of the land under casino hotels operated by MGM.

Secondly, the large number of stakeholders involved in the ownership of the real estate belonging to Cosmopolitan and Bellagio makes the land purchase even more interesting. 

Five years ago, in 2019, MGM decided to sell Bellagio’s property assets to NYSE-listed Blackstone’s Blackstone Real Estate Income Trust (BREIT) in 2019. 

Last summer, in August, the same Trust announced it had sold a 21.9% stake in the respective property to NYSE-listed Realty Income in exchange for $950 million.

In September 2021, Blackstone announced the sale of Cosmopolitan for $5.65 billion. Next, BREIT, Stonepeak Partners, and the Cherng Family Trust acquired the real estate of the respective integrated companies for $4 billion.

Blackstone is also the owner of Aria and Vdara’s property assets. The two are operated by MGM.

Given the very limited size of the space, MGM is less likely to build a new integrated resort there or adjoin Bellagio and Cosmopolitan given the existing walkway reuniting the two properties via an escalator. 

One possibility would be for MGM to sell the land to one of the previously mentioned entities that hold interests in the real estate associated with Cosmopolitan and Bellagio.

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The National Council on Problem Gambling has announced the recipients of its Spring Agility Grants. As noted by the company, it will provide $193,000 in funding to five gambling harm relief organizations.

Agility Grants is a strategic initiative that seeks to back nonprofits, providing them with much-needed funding to prevent problem gambling. The grants help organizations provide services in areas where there are none and reach more people struggling with harm.

The initiative will see the NCPG provide charities with more than $1 million over 3 years, bolstering sager gambling efforts across the United States. The program is backed by major names such as the NFL Foundation and FanDuel which seek to spread awareness of the dangers of irresponsible betting.

This year, the program received a record-breaking number of applications, leading to what the NCPG called a “highly competitive selection progress.” Finally, the council decided to award grants to the following organizations:

• Hispanic Urban Minority Alcoholism and Drug Abuse Outreach Program
• The National Alliance on Mental Illness – Maryland Chapter
• The Nevada Council on Problem Gambling
• Nicasa Behavioral Health Services
• Student Assistance Services of Tarrytown, NY

Each of these will use the funding to support a new or existing initiative, adding to the effort in the war on gambling harm.

It Is Critical to Tackle Harm Early On

Keith Whyte, NCPG’s executive director, commented on the importance of prevention, saying that it is not only cheaper but also more effective and sensible. He noted that this spring’s grants will fund programs that provide innovative models designed to reach priority groups. He said that his team is proud to be able to support these initiatives and hopes that they will encourage and inspire future efforts.

Clare Graff, NFL’s VP of social responsibility, also commented on the grounds, lauding the NCPG’s hard and innovative work. She said that the NFL is glad to sponsor these grants and help the council curb the problem gambling rates in the country.

The funding for these Agility Grants through the NFL Foundation will provide critical resources to nonprofit organizations across the country who are on the front lines of problem gambling prevention.

Clare Graff, VP of social responsibility, NFL

Grants are awarded twice a year, once in the spring and once in the fall. The Fall 2023 funding round will accept applicants from July 11 to August 22.

A few weeks ago, the NCPG welcomed several new members, strengthening its advisory board.

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