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
Peru Gaming Show 2025
18 de June 2025
Facephi presented its digital identity verification solutions for the online gaming sector in Peru at PGS 2025
(Lima, SoloAzar Exclusive).- Facephi is consolidating its position as a strategic partner for responsible online gaming in Peru, presenting advanced identity verification, fraud prevention, and regulatory compliance solutions at PGS 2025, adapted to an increasingly digital and demanding ecosystem. In this interview, Bruno Rafael Rivadeneyra Sánchez, the firm's Identity Solutions Senior Manager, explores how its technology is redefining gaming security standards, with a preventative, seamless, and 100% regional approach.
Friday 18 Jul 2025 / 12:00
From PGS 2025, Win Systems Redoubles its Commitment to Peru: Innovation, Proximity, and Regional Expansion
(Lima, SoloAzar Exclusive).- In a revealing interview, Galy Olazo, Country Manager of Win Systems in Peru, analyzes the company's strategic role in one of the most thriving markets in the region. Its participation in the PGS 2025 trade show not only left its mark with its technological advances, such as the new Gold Club Colors electronic roulette wheels and the WIGOS management system, but also reaffirmed its commitment to the transformation of the sector and its consolidation in Latin America.
Tuesday 15 Jul 2025 / 12:00
Key debate during PGS 2025: Enforcement: Process to ensure compliance (laws, norms, rules)
(Lima, SoloAzar Exclusive).- During the 2025 edition of the Peru Gaming Show, the conference ‘Enforcement: Process to ensure compliance (laws, norms, rules)’ took place, with an international panel of professionals who debated about the current challenges to combat illegal gaming and guarantee the application of the laws in the sector, both in Peru and in the Latam region.
Monday 14 Jul 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.