Blackstone has agreed to sell its 49.9% stake in the MGM Grand Las Vegas and the Mandalay Bay in a deal that values the properties at $5.5 billion
Las Vegas deal would bring firm a profit of more than $700 million in less than three years, including rent
An agreement to sell a stake in two properties, including the MGM Grand Las Vegas, marks one of the largest U.S. casino deals this year.Blackstone Inc. has agreed to sell its 49.9% stake in two Las Vegas hotels in a deal that values the properties at $5.5 billion, according to people familiar with the matter, marking one of the largest U.S. casino transactions this year.
The New York investment firm is selling its stake in the MGM Grand Las Vegas and the Mandalay Bay to Vici Properties Inc., which owns the other 50.1% stake in the properties. Blackstone would receive $1.27 billion in cash, and Vici would assume Blackstone’s share of some $3 billion in debt, these people said.
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