Las Vegas Strip Leader Sells Key Casino
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Wynn Resorts sold its Encore Boston Harbor resort for $1.7 billion in cash to Realty Income Corp. Realtor will continue to operate the resort via a sale-leaseback arrangement. It's Reletory Income's first acquisition in the casino industry. The company will not do sale leaseback deals on any of its properties on the Las Vegas Strip.
Vici Properties will buy Blackstone's 49.9% interest in the joint venture for $1.27 billion cash and assume the pro-rata share of the property-level debt. Vici owns 50.1% of Mandalay Bay and the MGM Grand. The debt has a principal balance of $3 billion, matures in 2032 and bears interest at a fixed rate of 3.558% per year through March 2030.
Encore Harbor opened in 2019 at a cost of $2.6 billion. It features a 211,000 square foot casino, 671 hotel rooms, 16 dining and lounge venues, and over 70,00 square feet of ballroom and meeting spaces.
