MGM Grand, Mandalay Bay Resorts in Vegas Sold

Today it was announced that the Mandalay Bay and MGM Grand properties in Las Vegas are being sold to a private equity group for a staggering $4.6 billion.

The properties are being sold to Blackstone Group, who is working with MGM Growth Properties to take over the properties at the southern end of the Vegas Strip. The equity group will lease the properties back to MGM Resorts, so users won't see any change in how things are currently run. Both resorts have more than 9,700 hotel rooms as well as 300,000 square feet of casino space.

Rent for the properties will start at $292 million per year, and will likely scale up from there depending on different factors.

This isn't the first purchase by Blackstone from MGM. Last year the group bought the Bellagio for $4.25 billion.

Speaking about the deal Blackstone president Jon Gray said, "This transaction reflects our continuing strong conviction in Las Vegas."

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.

Comments

Post new comment

There are currently no comments on this page. Be the first!

Login using your social network account
Or log in with a Casino Listings account

Login or register to post comments

Registering for an account takes less than a minute and you will be brought right back here to comment afterwards.