‘Two of the largest and highest-quality resorts’ Thursday’s announcement is also the latest high-priced buyout on the Strip by Vici, which by all appearances is the biggest property owner in Las Vegas’ famed casino corridor. Las Vegas has seen a burst of deals the past few years that have shuffled resort property ownership around, with billions of dollars changing hands, albeit to little, if any, visible effect for customers. Vici, which already owns a 50.1 percent stake in the properties, is paying about $1.27 billion in cash and assuming Blackstone’s share of the debt on the resorts.Īccording to a presentation by Vici, it is assuming 49.9 percent of a $3 billion debt load, or nearly $1.5 billion.Īll told, this marks another huge investment by a landlord for casino real estate on the Strip. The transaction is expected to close early next year. Vici announced Thursday that it reached a deal to purchase financial giant Blackstone’s 49.9 percent stake in the properties, both of which are leased to casino giant MGM Resorts International. (Michael Quine/Las Vegas Review-Journal) landlord Vici Properties is taking full ownership of MGM Grand and Mandalay Bay’s real estate, in a nearly $1.3 billion cash sale. Aerial view of the MGM Grand hotel casino on the south Las Vegas Strip at sunset on Wednesday, January 12, 2022.
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