VICI Adds Two Las Vegas Casino Properties in $5.5bn Deal
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VICI Properties has taken full ownership of MGM Grand Las Vegas and Mandalay Bay in a transaction valued at $5.5bn.
Blackstone is selling its 49.9% stake in MGM Grand Las Vegas and Mandalay Bay to New York-based VICI Properties.
VICI has bought two Las Vegas Casino Properties for $5.5bn. Blackstone's shares nosedived almost 10%. VICi already owned a 50.1% stake in MGM Grand and Mandalay Bay.
VICI has bought MGM Grand and Mandalay Bay in a deal worth $5.5 billion. The deal is expected to close in the first quarter of 2023. VICi's portfolio includes Harrah's, Bally's and Horseshoe brands, along with four championship golf courses. In February, VicI completed the purchase of Las Vegas Sands' remaining properties worth $6.25 billion, which gives it outright ownership of 226 prime-located acres on the Strip.
VICI has bought two Las Vegas casinos for $5.5bn. Blackstone's real estate fund Breit is selling the stake in the two casinos to meet investor withdrawals. Brei's monthly withdrawal limit was increased by 2.7% in October. The increase in withdrawal cap baulked Blackstones shareholders.
