Blackstone goes shopping in Vegas

Acquisition of real estate assets of MGM Grand and Mandalay Bay

kf - Monday, February 24, 2020    

Acquisition of real estate assets of MGM Grand and Mandalay Bay
Photo: Unsplash

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.


Related Articles

EXHIBITOR LIVE reschedules to August

EXHIBITOR LIVE, the exhibition and conference for best practices in trade shows and events, has announced a new date for the 2020 edition.

Read more
Construction Milestone for MSG Sphere

The MSG Sphere at the Venetian in Las Vegas has reached a construction milestone, which includes reaching the spherical venue's equator

Read more
The NGA Show moves to Caesars Forum

Clarion Events and the National Grocers Association have announced the 2021 dates and location for its annual THE NGA SHOW

Read more

Most read articles

Coronavirus: Cancelled & postponed trade fairs

The spread of the coronavirus has not only affected the trade fair programme in China, but now affects trade fairs and exhibitions worldwide

Read more
UFI/SISO on the coronavirus

Around the world, societies and businesses are dealing with the consequences of the current outbreak of COVID-19.

Read more
First assessment of the economic impact of COVID-19 on exhibitions

Based on UFI data, the orders that exhibiting companies are currently not securing already add up to 23 billion euros globally.

Read more

Categories and Tags

Practice | MGM Growth Properties | Blackstone | Las Vegas | joint venture | MGM Grand | Mandalay Bay