RandyAndy101
Blackstone (NYSE:BX) is contemplating provides for half its stake in the true property of the Bellagio on line casino in Las Vegas.
The non-public fairness agency is evaluating its choices and hasn’t dedicated to a sale, in accordance with a Bloomberg report, which cited folks acquainted with the matter.
The Bellagio is operated by MGM Resorts (MGM), its authentic proprietor, underneath a long-term lease. Blackstone bought the Bellagio actual property for $4.25 billion in 2019. The funding agency agreed to amass the Bellagio actual property and lease it again to a subsidiary of MGM Resorts.
The Bellagio report comes after Prologis on Monday agreed to amass nearly 14 million sq. toes of commercial properties from funds affiliated with Blackstone (BX) for $3.1 billion in money.
Blackstone (BX) agreed to promote the Cosmopolitan on line casino and lodge on the Las Vegas Strip for $5.65 billion in 2021. In December 2022, Blackstone agreed to promote its 49.9% curiosity within the MGM Grand Las Vegas and the Mandalay Bay Resort, to VICI Properties (VICI).
