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Blackstone goes shopping in Vegas
Acquisition of real estate assets of MGM Grand and Mandalay Bay
Through a newly formed joint venture with MGM Growth Properties (MGP), Blackstone is to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, Blackstone will purchase $150 million in MGP Class A shares. MGP will own 50.1% of the joint venture, and Blackstone will own 49.9%. MGM Resorts will continue to manage, operate and be responsible for all aspects of the properties on a day-to-day basis, with the joint venture owning the properties and receiving rent payments. Jon Gray, Blackstone president & COO, said, "This transaction reflects our continuing strong conviction in Las Vegas. We are pleased to once again partner with MGM Resorts, a world-class operator, as well as MGM Growth Properties." This transaction is expected to close in the first quarter of 2020, subject to certain customary closing conditions.
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