MGM Resorts Nears Deal to Sell MGM Grand, Mandalay Bay to Joint Venture Including Blackstone
15 January 2020 - 12:30AM
Dow Jones News
By Katherine Sayre, Miriam Gottfried and Cara Lombardo
MGM Resorts International is nearing an agreement to sell the
MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas
Strip to a joint venture that includes private-equity and
real-estate giant Blackstone Group Inc., according to people
familiar with the matter.
Blackstone would own slightly less than half of the properties
through its private real-estate investment trust, while MGM Growth
Properties LLC, a public REIT, would own the remainder, the people
said. The total purchase price couldn't be learned, but the deal
values MGM Grand, the company's largest property by square footage
as of its most recent annual financial filing, at roughly $2.5
billion, the people said.
The deal is expected to be similar to MGM Resorts' sale of its
flagship Bellagio casino in Las Vegas to Blackstone last year.
(END) Dow Jones Newswires
January 14, 2020 08:15 ET (13:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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