Blackstone continues to cash out a big bet it made on Las Vegas hotels and scoop up its winnings.
Vici Properties, majority owner of the MGM Grand Las Vegas and the Mandalay Bay, has acquired Blackstone's 49.9% stake in both hotels for $5.5B, the largest hotel-casino trade in Las Vegas this year.
Earlier this year, Blackstone sold the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65B, which the firm said was its most profitable transaction of single asset.
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