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Under New Ownership! Bellagio Las Vegas Sale is Complete

Shawn Coomer
Shawn Coomer

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free partking on the las vegas strip
A view of the Bellagio Fountains from Paris Las Vegas. Bellagio Las Vegas Sold this week. 

Bellagio Las Vegas Sold

Just a little over a month ago MGM Resorts International announced that Bellagio Las Vegas had sold to Blackstone Real Estate Income Trust. As of Monday November 18, 2019 that sale has been completed, however the logistics of it will make things seem as if it never happened.

As part of the sale, the Bellagio was purchased by a joint venture which is owned 95% by Blackstone and 5% by MGM Resorts. Despite the sale, MGM Resorts will continue to manage the property and lease it back from the joint venture company.

From the press release:

Blackstone Real Estate Income Trust (“BREIT”) and MGM Resorts International (“MGM Resorts”) (NYSE: MGM) today announced the closing of the previously announced 95%/5% BREIT-led joint venture with MGM Resorts to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction.

As part of the transaction, MGM Resorts has leased the property from the joint venture and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis.

More Sales Coming…

MGM Resorts has already announced the sale of their Circus Circus Hotel & Casino on the northern Las Vegas Strip for $825 million plus rumors continue to persist that MGM Grand is up for sale if they can arrange a similar leaseback option for it. MGM Resorts seems to be trying to raise capital to pay down debt in addition to funding their expansion plans for places like Japan.

Bellagio Las Vegas Sold – Bottom Line

With the Caesars/Eldorado merger happening, plus these minor ownership changes occurring on the Strip, the landscape is changing a bit in Vegas. The duopoly of the past 20 years is dying out and I predict we will see even more Strip properties change hands as these investment trust strategies become more popular and as Vegas reinvents itself yet again.

What do you think?

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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Shawn Coomer
Shawn Coomerhttps://milestomemories.com/
Shawn Coomer earns and burns millions of miles/points per year circling the globe with his family. An expert at accumulating travel rewards, he founded Miles to Memories to help others achieve their travel goals for pennies on the dollar. Shawn also runs a million dollar reselling business, knows Vegas better than most and loves to spend his time at the 12 Disney parks across the world.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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