Skip to main content

MGM Resorts, MGM Growth Properties and Blackstone REIT Complete Acquisition of MGM Grand Las Vegas and Mandalay Bay Real Estate for $4.6 Billion - Hotel-Online.com

MGM Resorts, MGM Growth Properties and Blackstone REIT Complete Acquisition of MGM Grand Las Vegas and Mandalay Bay Real Estate for $4.6 Billion - Hotel-Online.com


MGM Resorts, MGM Growth Properties and Blackstone REIT Complete Acquisition of MGM Grand Las Vegas and Mandalay Bay Real Estate for $4.6 Billion - Hotel-Online.com

Posted: 14 Feb 2020 12:00 AM PST

MGM Resorts International | February 14, 2020

MGM Resorts Executes Long-Term Lease with Joint Venture for Both Properties

LAS VEGAS and NEW YORK, Feb. 14, 2020 — MGM Resorts International ("MGM Resorts") (NYSE: MGM), MGM Growth Properties LLC ("MGP") (NYSE: MGP) and Blackstone Real Estate Income Trust ("BREIT") today announced the closing of the previously announced transaction for a joint venture formed between MGP and BREIT to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, BREIT has purchased approximately 4.9 million MGP Class A shares at a price of $30.67 per share.

In connection with the completion of the transaction, MGM Resorts has entered into a long-term triple net master lease for both properties, and will continue to manage, operate and be responsible for all aspects of the properties on a day-to-day basis, with the joint venture owning the properties and receiving rent payments. MGM has also provided a full corporate guarantee of rent payments.

The transaction was announced on January 14, 2020.

Comments

Popular posts from this blog

MGM Might Pay $800 Million in Las Vegas Shooting - Billboard

mgm grand hotel pool