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Deutsche Bank analyst Carlo Santarelli took a gander at the terms of MGM Resorts Internationals purchase/re-sale of Aria and Vdara, and liked what he saw. He reaffirmed his buy rating on MGM shares, with a price target of $54. He applauded the deal for three reasons: simplification of MGMs corporate structure by removing joint-venture partner Infinity World; cash and lots of it; the transaction allows MGM to better manage its Strip assets, as opposed to receiving fifty cent dollars at a key core asset, as it had been. Santarelli believes MGM will use at least some of the proceeds to pay the remaining $1.7 billion in CityCenter debt. Considering that it cost MGM $4 billion to build Aria alone, we think the transaction is, at best, a wash, not to mention the death knell for New Urbanism on the Las Vegas Strip. Still, when one considers the collapse of the condo market, the slow, slow ramp-up of Crystals and the Harmon Hotel fiasco, MGM is getting out relatively unscathed.