Blackstone Inc. undefined is selling a 49.9% stake in MGM Grand Las Vegas and the Mandalay Bay in a $5.5 billion deal with Vici Properties Inc. undefined,...
Blackstone Inc. is selling a 49.9% stake in MGM Grand Las Vegas and the Mandalay Bay in a $5.5 billion deal with Vici Properties Inc. , the majority owner of the two hotels, the Wall Street Journal reported Thursday. Citing people familiar with the deal, the newspaper reported that Blackstone plans to receive $1.27 billion in cash and Vici would assume $3 billion of debt for the two hotels. The deal terms value the two properties at $5.5 billion.
the majority owner of the two hotels, the Wall Street Journal reported Thursday. Citing people familiar with the deal, the newspaper reported that Blackstone plans to receive $1.27 billion in cash and Vici would assume $3 billion of debt for the two hotels. The deal terms value the two properties at $5.5 billion. The deal will deliver a $700 million profit to Blackstone including rent from the operator, the report said.
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WSJ News Exclusive | Blackstone Stake Sale Values MGM Grand, Mandalay Bay at $5.5 BillionBlackstone has agreed to sell its 49.9% stake in the MGM Grand Las Vegas and the Mandalay Bay in a deal that values the properties at $5.5 billion
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