The deal is expected to close this quarter.īlackstone, led by billionaire Stephen Schwarzman, has been on a real estate buying spree in Las Vegas for years, and its purchase of the Bellagio makes it the landlord of a high-profile resort that has been one of MGM’s biggest moneymakers on the Strip. MGM will receive a 5 percent ownership stake in the joint venture and around $4.2 billion in cash, the company said. Las Vegas-based MGM announced Tuesday that it reached a deal with New York financial giant The Blackstone Group that calls for their joint venture to acquire the Bellagio’s real estate and lease it back to MGM for an “initial” annual rent of $245 million. ![]() (Caroline Brehman/Las Vegas Review-Journal) Resorts International is selling the Bellagio property and leasing it back, giving the casino operator a cash infusion of more than $4 billion. ![]() The Bellagio showcases its spring display at the Bellagio Conservatory & Botanical Gardens in Las Vegas, Monday, March 18, 2019.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |