Blackstone Completes Acquisition of Bellagio Real Estate From MGM Resorts International for $4.25 Billion in Sale-Leaseback Transaction
Blackstone Real Estate Income Trust ("BREIT") and MGM Resorts International ("MGM Resorts") (NYSE: MGM) announced the closing of the previously announced 95%/5% BREIT-led joint venture with MGM Resorts to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction.
As part of the transaction, MGM Resorts has leased the property from the joint venture and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis.
The transaction was announced on October 15, 2019.
Advisors Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts and PJT Partners and J.P. Morgan served as financial advisors to MGM Resorts. Citigroup Global Markets Inc. and Morgan Stanley & Co served as financial advisors to BREIT. Simpson Thacher & Bartlett LLP served as legal counsel to BREIT.
Morgan Stanley & Co, J.P. Morgan, and Citigroup Global Markets Inc. served as BREIT's financing advisors.