The Bellagio. Photo by Shutterstock.
LAS VEGAS—Blackstone Real Estate Income Trust has struck a joint venture deal with MGM Resorts International to acquire the Bellagio for $4.25 billion, and lease it back to a subsidiary of MGM Resorts for initial annual rent of $245 million. MGM Resorts will receive a 5% equity interest in the joint venture and $4.2 billion in cash. The transaction is expected to close in the fourth quarter of 2019, subject to certain closing conditions.
Concurrently, MGM also announced it is selling Circus Circus for $825 million to Treasure Island owner Phil Ruffin.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
