![]() ![]() The Blackstone trust will also buy $150 million worth of shares in MGM Growth Properties, the news release said. MGM Growth Properties - a real estate investment trust largely owned by MGM Resorts - will own 50.1 percent of the joint venture, while Blackstone’s real estate trust will have a 49.9 percent stake. The annual rent for the properties will start at $292 million, according to MGM Growth Properties. The joint venture will lease the properties to MGM Resorts, which will continue to operate and manage them - meaning nothing should change day-to-day for gamblers and guests. MGM Resorts currently owns the MGM Grand property, while MGM Growth Properties owns Mandalay Bay’s real estate, according to a news release. MGM Resorts International’s MGM Grand and Mandalay Bay casino properties are being sold for $4.6 billion in a deal involving private equity giant Blackstone Group.Ī new joint venture between the Blackstone Real Estate Income Trust and MGM Growth Properties will buy the splashy Las Vegas Strip complexes, which have more than 9,700 hotel rooms and about 300,000 square feet of casino space combined, the companies said. ![]() Las Vegas casino, hotel workers set strike deadline after months of talks stall Mets owner unveils $8B casino plan in new 'Metropolitan Park'Ĭalifornia casino linked to tuberculosis cases, customers urged to get tested State judge blocks Nassau County lease for $4 billion Sands casino ![]()
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