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Phoenix & Southwest  + Southwest  + Hospitality  | 
Vici Pays $1.3B for Blackstone's share of two LV hotels

Vici Group Pays Blackstone $1.3B for Their Stake in Two LV Casino Properties

The biggest property owner on the Las Vegas Strip, just got bigger. Casino landlord Vici Properties is taking full ownership of MGM Grand and Mandalay Bay’s real estate, in a nearly $1.3 billion cash sale.

Vici Properties reached a deal to purchase Blackstone’s Real Estate Investment Trust (BREIT) 49.9% percent stake in the properties, both of which are leased to casino giant MGM Resorts International. The lease will generate annual rent of $310 million upon the commencement of the following rental escalation on March 1, 2023.

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. Blackstone’s Scott Trebilco had more, ““The sale of these assets is an excellent outcome for our BREIT investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors, including logistics and rental housing.”

Vici is assuming 49.9% of a $3 billion debt load, or nearly $1.5 billion.


Inside The Story

Scott Trebilco

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition