The Nevada Gaming Control Board voted unanimously to approve of MGM Resorts' purchase of the 50% stake in the CityCenter mixed-use space in Las Vegas from Dubai World for $2.1 billion.
The deal will be considered approved in full on September 23rd, with the two businesses set to finalize the transaction by the end of September.
After the deal is finalized, MGM plans to create two new separate companies to oversees the Aria casino-resort as well as the Vdara hotel. After the companies are formed, MGM will sell the properties for $3.89 billion to New York-based Blackstone Group, who'll lease the spots back to MGM.
Dubai World and MGM worked together to construct the CityCenter project, which includes five different buildings, which are a combination of shops, hotels, condos, and a casino. The property opened in 2009 and sits on 76 acres on the Las Vegas Strip.
We'll be updating readers as the transaction finalizes later this month.