The largest property owner on the Las Vegas Strip is doubling down and acquiring full control of the MGM Grand Las Vegas and Mandalay Bay, valued at $5.5 billion in the deal.
VICI Properties, a real estate investment trust based in New York, has agreed to purchase Blackstone’s 49.9 percent ownership in the two Las Vegas casino resorts. VICI presently controls 50.1 percent of the property, which it acquired in May when it purchased MGM Growth assets.
According to online casino Korea reports, the deal is expected to be completed in early 2023.
Biggest Property Owner in Las Vegas Strip
VICI Properties CEO Ed Pitoniak stated that Blackstone approached him only a few weeks ago and that the purchase was completed fast.
The Blackstone Real Estate Investment Trust, or BREIT, announced Thursday that it has chosen to limit withdrawals after seeing redemptions that exceeded their monthly limitations in October. On the announcement, Blackstone’s stock plunged over 10%.
What was a difficulty for Blackstone may turn out to be a stroke of luck for VICI.
VICI and other gaming REITS own the buildings and property of casinos and resorts. The businesses are owned by gambling corporations like as Caesars and MGM Resorts, both of which are tenants of VICI.
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