Real Estate - OCTOBER 16, 2019

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Blackstone buys Las Vegas casino for $4.25b

by Andrea Zander

MGM Resorts International has plans to sell its Bellagio and Circus Circus resorts in Las Vegas in separate deals valued at approximately $5 billion.

Blackstone Real Estate Income Trust will acquire the Bellagio for $4.25 billion through a 95-5 joint venture with MGM and will lease it back to a unit of the casino company.

And MGM said it would sell Circus Circus Las Vegas to an affiliate of Treasure Island owner Phil Ruffin for $825 million. It includes the casino, the Adventuredome, a 10-acre RV park, and the 37-acre festival grounds.

The divestment come nine months after MGM, which had a long-term debt of $15 billion as of December 2018, formed a committee to evaluate its real estate portfolio amid its move to an asset-light model, reported Reuters.

MGM Resorts CEO and chairman Jim Murren said in a statement that the Circus Circus and Bellagio deals will allow the company to return capital to shareholders and focus on its work to strengthen its position

Forgot your username or password?

We use cookies and other tracking technologies to personalize your user experience on our site and perform site analytics. By clicking on “I accept”, you consent to our Privacy Policy.