Casino landlord taking full ownership of MGM Grand, Mandalay in $1.3B cash sale

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Review Journal

Casino landlord Vici Properties’ top boss open to more deals in Las Vegas

Tourists who fill Las Vegas Boulevard's massive resorts to eat, gamble and party, never see the name Vici Properties. But the casino landlord rakes in a fortune from the Strip. New York-based Vici, the biggest property owner in Las Vegas' famed casino corridor, owns Caesars Palace, MGM Grand, Mandalay Bay, The Venetian, The Mirage and other huge…

Land-based ・ 18 April 2023

Review Journal

Rio landlord wants to buy more casinos

With casino operators making hefty rent payments, Rio landlord Eric Birnbaum wants more of the action. His firm, Dreamscape Companies, recently announced that it raised $850 million in capital. It's launching a real estate investment trust that will own casino, hospitality and entertainment assets, and an entity to operate such businesses,…

Land-based ・ 27 February 2023

Review Journal

Not every Las Vegas casino boss wants to sell, lease back resort

Selling a casino to a landlord for a mountain of cash sounds pretty tempting. There are also some big strings attached - and not every hotel boss in Las Vegas is interested right now. Executives with Station Casinos, Boyd Gaming Corp. and Fontainebleau Las Vegas recently touted the benefits of owning their properties or stated they aren't looking…

Land-based ・ 20 February 2023

Yogonet

Las Vegas: VICI closes $1.3B acquisition of remaining MGM Grand, Mandalay Bay stake

Real estate investment trust VICI Properties has completed its buyout of MGM Grand and Mandalay Bay's real estate. The acquisition further cements the casino landlord's ownership of huge resorts along Las Vegas Boulevard. VICI, which already owned a 50.1% percent stake in the properties, announced Monday that it closed its purchase of the remaining…

Land-based ・ 15 January 2023

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Review Journal

Casino landlord closes buyout of MGM Grand, Mandalay Bay on Las Vegas Strip

Casino landlord Vici Properties completed its buyout of MGM Grand and Mandalay Bay's real estate, further cementing its ownership of huge resorts along Las Vegas Boulevard. Vici, which already owned a 50.1 percent stake in MGM Grand and Mandalay Bay, announced Monday that it closed its acquisition of the remaining 49.9 percent from financial giant…

Land-based ・ 09 January 2023

Review Journal

Fontainebleau Las Vegas bankrolled by big casino landlords

Over the past few years, two firms have shelled out billions of dollars for casino real estate along the Strip. Now they are plowing a fortune into a long-planned resort with a tumultuous history: the Fontainebleau. Last month, developers of Fontainebleau Las Vegas announced they secured a $2.2 billion construction loan to finish the towering…

Land-based ・ 08 January 2023

Review Journal

Las Vegas’ top 10 real estate deals of 2022

Las Vegas' wheeler-dealer real estate market didn't disappoint in 2022. Here are the top 10 deals of the year, ranked by yours truly. Some blockbusters that closed in 2022, including the $5.65 billion sale of The Cosmopolitan of Las Vegas, are not listed because they were announced in 2021 and were in that year's top 10. 1. Tilman Fertitta Houston…

Top and Best ・ 31 December 2022

Review Journal

Sale of Mirage shows high-priced casino rents on Las Vegas Strip

When The Mirage changed hands this week, it marked the beginning-of-the-end for its iconic volcano attraction. The sale also shed more light on a growing, lucrative real estate trend on Las Vegas Boulevard: Casino landlords are collecting hefty rents. MGM Resorts International announced Monday that it closed its nearly $1.1 billion cash sale of The…

Land-based ・ 26 December 2022

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Las Vegas Strip Leader Sells Key Casino

Liquidity is the name of the game in the current economic environment, and Wynn Resorts (WYNN) - Get Free Report is being proactive with its properties. The Las Vegas-based casino operator announced the completion of a planned sale of land and other real estate assets at its Encore Boston Harbor resort casino for $1.7 billion in cash to Realty…

Land-based ・ 07 December 2022

Vegas Slots Online

VICI Adds Two Las Vegas Casino Properties in $5.5bn Deal

In one of the biggest casino deals of 2022, VICI Properties has taken full ownership of MGM Grand Las Vegas and Mandalay Bay in a transaction valued at $5.5bn. [Image: Shutterstock.com] In what the Wall Street Journal has deemed one of the biggest US casino deals of 2022, private equity giant Blackstone is selling its 49.9% stake in MGM Grand Las…

Land-based ・ 02 December 2022

CNBC

Big Las Vegas property owner to take full ownership of two casinos

The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI Properties, a real estate investment trust based in New York, has agreed to buy Blackstone's 49.9% stake in the two Las Vegas casino resorts. VICI currently owns a…

Land-based ・ 02 December 2022

NBC 5 DFW

Las Vegas Strip’s Biggest Property Owner in Deal to Take Full Ownership of Two Casinos

The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI Properties, a real estate investment trust based in New York, has agreed to buy Blackstone's 49.9% stake in the two Las Vegas casino resorts. VICI currently owns a…

Land-based ・ 01 December 2022

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Northern Nevada Business Weekly

Caesars spinoff VICI closes on big Vegas Strip property deal

FILE - A plane takes off from Harry Reid International Airport near casinos along the Las Vegas Strip, on Sept. 29, 2021, in Las Vegas. Caesars Entertainment spinoff VICI Properties said April 29, 2022, that it completed its $17.2 billion buyout of MGM Growth Properties, the Las Vegas Review-Journal reported. The deal was first announced last…

Travel ・ 12 May 2022

The Nevada Independent

With Cosmopolitan sale nearing, Blackstone still has money on Vegas

Blackstone Group's time as a Strip casino operator is drawing to a close, but that doesn't mean the New York-based investment conglomerate is done with Las Vegas. Through its Blackstone Real Estate Investment Trust (REIT), the company will continue to own the land and buildings associated with four Strip properties operated by MGM Resorts…

Gaming Authorities ・ 12 May 2022

Review Journal

Las Vegas casino landlord Vici Properties owns 660 acres

After completing more than $20 billion in deals recently, casino landlord Vici Properties now owns several hundred acres along the Strip, "the most economically productive street in the world," the firm said Thursday. Vici, whose real estate holdings on Las Vegas Boulevard include megaresorts MGM Grand, Caesars Palace and The Venetian, this…

Land-based ・ 04 January 2023

The Nevada Independent

How VICI Properties is quietly becoming landlord to the biggest casinos in Vegas

In the waning days of Caesars Entertainment's two-year bankruptcy reorganization, creditors struggled with a name for a new spin-off company taking ownership of 19 casinos that would control the land and lease the properties back to the operator. Consultants suggested Senatus Populusque Romanus, or SPQR, the term used for the government of ancient…

Travel ・ 23 November 2021

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Review Journal

MGM Resorts sells casinos for billions, rents for huge sums

In a burst of multibillion-dollar deals, Las Vegas has seen investors pay mountains of money the past few years to own high-profile casino-resorts. Those sales have also shown what casino operators - well, one in particular - are willing to pay to rent these properties. MGM Resorts International has reached deals since fall 2019 to lease Bellagio,…

Travel ・ 04 October 2021

Review Journal

Cosmopolitan sale the latest billion-dollar deal on Las Vegas Strip

The multibillion-dollar sale of The Cosmopolitan of Las Vegas has not only put the flashy, once-financially troubled resort in new hands. It also marks the latest in a string of hotel deals on the Strip between two powerhouse companies and another investment on Las Vegas Boulevard from the CEOs of fast-food chain Panda Express. New York financial…

Land-based ・ 27 October 2021

Market Watch

Casino giant MGM Resorts sells $17.2 billion worth of land to a New York-based firm

LAS VEGAS (AP) - A New York-based real estate investment firm will emerge as the largest landholder on the Las Vegas Strip under a $17.2 billion property deal between landholding affiliates of casino giants Caesars Entertainment CZR, -2.92% and MGM Resorts International MGM, -0.74% . Combined, VICI Properties Inc. VICI, -0.63% will end up with…

Travel ・ 15 August 2021

AP News

Casino giant MGM Resorts selling land to New York-based firm

LAS VEGAS (AP) - A New York-based real estate investment firm will emerge as the largest landholder on the Las Vegas Strip under a $17.2 billion property deal between landholding affiliates of casino giants Caesars Entertainment and MGM Resorts International. Combined, VICI Properties Inc. will end up with properties in 15 states. MGM Resorts…

Travel ・ 04 September 2021

The Nevada Independent

MGM Resorts still the Strip’s largest casino operator, just not its biggest landowner

Nearly a decade ago, MGM Resorts International owned much of the Las Vegas Strip. The company controlled more than 800 acres along the resort corridor, much of which housed 10 Strip resorts, the 67-acre CityCenter complex, a 33-acre concert venue and 23 acres that became The Park dining and retail space and T-Mobile Arena. "It's a good time to be…

Travel ・ 26 July 2021

The Nevada Independent

Indy Gaming: Research gives AGA ammunition in fight with illegal gambling operations

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz American Gaming Association CEO Bill…

Industry ・ 07 December 2022