Fresh Stimulus Propels Emerging Markets to Fourth Week of Gains
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
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Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Deutsche Bank AG has entered a capital-relief deal with the European Investment Bank that allows the German lender to grant discounts on more than €600 million ($652 million) of green mortgages in its home market.
A unit of Abu Dhabi’s Mubadala Investment Co. said it anticipated a roughly $315 million credit hit related to loans issued to the now-insolvent Signa real estate conglomerate.
The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada's largest cities remained stable from March to April.
Dec 13, 2021
Bloomberg News
,(Bloomberg) -- Hard Rock International is buying the Mirage Hotel & Casino from MGM Resorts International for $1.08 billion, giving the Florida-based casino chain a prominent place on the Las Vegas Strip.
Hard Rock will lease the Mirage name royalty-free for three years. MGM expects to net $815 million after taxes and fees from the sale, which is expected to close in the second half of next year, according to a statement Monday.
The deal represents a major expansion for the Hard Rock brand, which is owned by Florida’s Seminole tribe. There was a Hard Rock casino located off the Strip for a number of years that is now owned by Virgin Hotels. The company has been looking for a casino on the Strip, the center of Las Vegas nightlife, for a while.
The Mirage, built by casino mogul Steve Wynn, opened in 1989. It’s known for the faux volcano out front that erupts nightly, as well as its dolphin and tiger attraction. MGM is in the process of acquiring the higher-end Cosmopolitan Las Vegas, and Chief Executive Officer Bill Hornbuckle has said he wants to reduce the company’s exposure to Las Vegas. MGM is the largest operator of casinos in America’s gambling capital.
Hard Rock will pay rent to MGM Growth Properties, a real estate investment trust that owns the Mirage land. MGM Growth is in the process of merging with Vici Properties.
The new owners plan to build a guitar-shaped hotel on the site, with Vici investing as much as $1.5 billion in the redevelopment.
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