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
G2E - Las Vegas 2025
06 de October 2025
CT Interactive on Innovation, Networking, and Market Growth at G2E 2025
(Las Vegas, SoloAzar Exclusive).- The global gaming industry marked G2E’s 25th anniversary with a major gathering in Las Vegas. CT Interactive stood out for its innovative product development and international growth strategy. Account Manager LATAM at CT Interactive, Roberto Muñoz, shared insights on G2E’s importance, emerging trends, and the company’s collaborative expansion efforts.
Thursday 30 Oct 2025 / 12:00
Atlaslive Explored the Future of Gaming in Latin America at Recent G2E 2025
(Las Vegas, SoloAzar Exclusive).- Bruno Almeida, Head of Sales LATAM at Atlaslive, attended G2E for the first time to explore how land-based and online gaming are converging. His experience highlighted key trends shaping the Latin American market, from immersive casino innovations to strategic networking and regulatory insights.
Monday 27 Oct 2025 / 12:00
G2E 2025: Cristian Galarza, ASAP Director Explains the Importance of Attending the Event
(Las Vegas, SoloAzar Exclusive). - After attending the 25th anniversary edition of G2E in Las Vegas, ASAP’s director shares his perspective on the evolution of the industry, driven by digitalization, efficiency, and the creation of international networks that foster new business opportunities.
Tuesday 28 Oct 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.