Blackstone completes Bellagio acquisition from MGM
Blackstone Real Estate Income Trust and MGM Resorts International on Monday announced the closing of the previously announced Blackstone-led joint venture with MGM Resorts to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction.
As part of the transaction, MGM Resorts has leased the property from the joint venture and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis.
The transaction was announced on October 15, 2019. Under the terms of the deal, the Las Vegas casino operator was set to receive a 5 percent ownership stake in the joint venture and around $4.2 billion in cash.
MGM announced the Bellagio deal just after it said it is selling Circus Circus for $825 million to Treasure Island owner Phil Ruffin. Collectively, MGM said at the time, the two transactions would let it “build a fortress balance sheet and return capital to shareholders.”
The Bellagio, which opened in 1998, features more than 3,900 rooms and 155,000 square feet of casino space and sits on 77 acres of land at Las Vegas Boulevard and Flamingo Road.
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