Sale-leasebacks like MGM´s Bellagio deal may pick up steam
Thursday 14 de November 2019 / 03:31
⏱ 2 min read
(Las Vegas).- The $4.2 billion sale-leaseback agreement announced last month seemed to positive news for not only MGM Resorts International and The Blackstone Group, but those outside the deal as well.
On a call with investors Wednesday, Eldorado Resorts CEO Thomas Reeg said the company was happy to see what MGM was able to do with the Bellagio real estate. “We’re even happier that there’s new capital in the real estate investment arena that’scoming into the space,” Reed said. “We think that that’s the tip of the iceberg.”
The sale agreement is thought by many to help increase the value of gaming real estate all across the Strip. The deal appearsto have broken the record as the most expensive sale of a Las Vegas resort, selling for 17 times the annual rent of the $245 million. In comparison, MGM completed a sale-leaseback of Park MGM and NoMad Las Vegas with MGM Growth last year for just under 13 times the property’s annual rent.
“We think that the value of Vegas real estate is going to continue to climb as you have more capital that becomes interested inmaking those types of investments,” Reeg said. “But both the Bellagio trade and the Circus Circus trade were spectaculartrades from our standpoint.”
By the numbers
$22 billion: Value of REIT transactions since gaming real estate investment trusts were created in 2012.
35 percent: Percentage of gross gaming revenue in the U.S. those deals account for, leaving room for more sale-leaseback deals.
4: REITs operating in the gaming space: The Blackstone Group, MGM Growth Properties, VICI and Gaming & Leisure Properties.
90: Properties those four companies are set to have in their portfolios by next year
$3 billion: Revenue those companies are expected to generate by next year
Categoría:Casino
Tags: Sin tags
País: United States
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