Connect Media > National News > Top National > Blackstone-Sponsored JV to Pay $4.6B for MGM Grand and Mandalay Bay
MGM Grand Hotel, Las Vegas

January 14, 2020 Comments Off on Blackstone-Sponsored JV to Pay $4.6B for MGM Grand and Mandalay Bay Views: 1251 National News, Top National

Blackstone-Sponsored JV to Pay $4.6B for MGM Grand and Mandalay Bay

Order Reprints...

Blackstone Real Estate Income Trust (BREIT) and MGM Growth Properties LLC (MGP) formed a joint venture to acquire the real estate assets of Las Vegas’ MGM Grand and Mandalay Bay resorts for $4.6 billion. MGP currently owns the Mandalay Bay real estate, while MGM Resorts owns the MGM Grand.

The transaction is anticipated to close in Q1 2020. Upon closing, MGP will own 50.1% of the JV, while BREIT will own 49.9%. Also at closing, MGM Resorts International will enter into a long-term, triple-net master lease agreement for both properties, providing a full corporate guarantee of rent payments; the annual rate will be $292 million. MGM Resorts will continue to manage and operate and the properties.

Together, the MGM Grand and Mandalay Bay comprise 9,743 rooms, approximately three million square feet of meeting space and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip.

Read more at PR Newswire

Connect With BREIT

Connect With MGM Growth Properties

Pictured: MGM Grand Hotel


Get CRE News in 150 words

For comments, questions or concerns, please contact Amy Sorter

Tags: ,

Comments are closed.