MGM acquires 50 per cent stake in Sydell Group

Eloise Hanson By Eloise Hanson
3 weeks ago | Updated 3 weeks ago

US: Las Vegas-based company, MGM Resorts International, has purchased 50 per cent of Sydell Group in a bid to increase its earnings.

With steps already underway to reduce its workforce by 2,100 within a year, MGM Resorts has turned to the non-gambling hotel business through a deal with Ron Burkle, a private equity investor.

MGM will purchase Burkle's stake in Sydell for an undisclosed sum.

A spokesman for MGM said that the acquisition of the Sydell Group "is part of the next evolution of our growth opportunities".

Sydell is behind brands such as NoMad, Freehand, The Ned and more, with properties across the US and two in London.

The companies have worked together on the opening of a NoMad hotel at the Park MGM in Las Vegas, previously known as the Monte Carle Resort and Casino.

Sydell operates another NoMad in New York, where Freehand is also located. Both are relatively close to the Empire City Casino venue under MGM's umbrella.

Last month, Sydell sold the Freehand brand to Queensgate Investments.

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