Blackstone Real Estate Income Trust (BREIT) has completed its acquisition of the Bellagio resort in Las Vegas. The $4.25 billion transactions with MGM Resorts International afford Blackstone the lease to the property, while MGM will continue to manage and operate all aspects of the hotel on a daily basis, in addition to maintaining responsibility for all operations and capital expenditures.
“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,” says Blackstone president and COO Jon Gray. “We look forward to a long and productive partnership with this world-class company.”
“This transaction confirms the premium value of our owned real estate assets, highlights the unique value of Bellagio as a premier asset in gaming and solidifies our status as a premier operator of gaming and entertainment properties,” adds MGM Resorts CEO Jim Murren. “We look forward to partnering with Blackstone on this asset and believe that this transaction will create significant value for our shareholders.”
