MGM to sell Bellagio for $4.25 billion, lease property back
Thursday 17 de October 2019 / 08:48
2 minutos de lectura
(Las Vegas).- MGM Resorts International has a deal in place to sell the Bellagio to a real estate investment trust for $4.25 billion. In a joint news release, MGM and real estate firm Blackstone announced the deal, which will not alter MGM’s operation of the Strip casino and resort.
“This transaction confirms the premium value of our owned real estate assets, highlights the unique value of Bellagio and solidifies our status as a premier operator of gaming and entertainment properties,” MGM Chairman and CEO Jim Murren said in a statement. He predicted the deal would “create significant value for our shareholders.”
Blackstone Real Estate Income Trust will own the property when the deal closes, which is expected to happen before the end of the year, according to a news release.
As part of the deal, a subsidiary of MGM will sign a long-term lease and pay annual rent of $245 million. MGM will also retain a 5% ownership stake in the property, according to the release. Once the deal closes, MGM will receive cash proceeds of about $4.2 billion.
“As big believers in MGM Resorts and Las Vegas, we are thrilled to partner with MGM to acquire the Bellagio on behalf of our BREIT investors,” Blackstone President and COO Jon Gray said in a statement. “We look forward to a long and productive partnership with this world-class company.”
Also on Tuesday, MGM announced a deal to sell Las Vegas property Circus Circus to an affiliate of billionaire casino mogul and Treasure Island owner Phil Ruffin.
Categoría:Casino
País: United States
Event
SBC Summit 2025
16 de September 2025
Sportradar at SBC Summit Lisbon 2025: AI, Integrity, and Brazil’s Rising Influence in Global Gaming
(Lisbon, SoloAzar Exclusive).- Fernando Mora, Senior Sales Executive at Sportradar, reflects on a milestone presence at SBC Summit Lisbon 2025, where innovation, responsible growth, and Brazil’s emergence took center stage. Discover how Sportradar is shaping the future of sports betting through AI-driven solutions and global partnerships.
Thursday 02 Oct 2025 / 12:00
ProntoPaga Strengthens Its Position at SBC Summit Lisboa as a Leader in Digital Payments for iGaming in Latam
(Lisbon, SoloAzar Exclusive).- Juan Carlos Loza, Head of Sales Latam at ProntoPaga, shared the company’s achievements and progress during SBC Summit Lisboa 2025, where they reached a record number of strategic meetings. The team presented their 360° solution for the iGaming ecosystem, highlighted their leadership in local payments and instant payouts, and outlined the tech trends set to shape the future of the sector in Latin America.
Wednesday 01 Oct 2025 / 12:00
Amusnet Showcases Innovation and Social Commitment at SBC Summit 2025
(Sofia).- Amusnet left a strong mark at this year’s SBC Summit Lisbon, held September 16–18, where the company served as Premium Sponsor of the major industry event. The all-casino solutions provider presented its growing portfolio to more than 30,000 professionals, while also using the platform to highlight its international expansion strategy and commitment to corporate social responsibility.
Tuesday 30 Sep 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.