Sources familiar with the matter revealed that Blackstone is evaluating its options and has not yet committed to a sale.
Investment firm Blackstone Inc. is reportedly exploring offers for half of its stake in the real estate of the renowned Bellagio Hotel and Casino in Las Vegas.
The Bellagio property was acquired by Blackstone in 2019 for a staggering $4.25 billion in a sale-leaseback transaction with MGM Resorts International. Under the agreement, Blackstone Real Estate Income Trust (BREIT) and MGM Resorts formed a joint venture, with BREIT holding a 95% stake and MGM Resorts holding a 5% stake. As part of the deal, MGM Resorts would continue to lease and operate the Bellagio while being responsible for all day-to-day operations and capital expenditures.
Investment firm Blackstone Inc. is reportedly exploring offers for half of its stake in the real estate of the renowned Bellagio Hotel and Casino in Las Vegas.
The Bellagio property was acquired by Blackstone in 2019 for a staggering $4.25 billion in a sale-leaseback transaction with MGM Resorts International. Under the agreement, Blackstone Real Estate Income Trust (BREIT) and MGM Resorts formed a joint venture, with BREIT holding a 95% stake and MGM Resorts holding a 5% stake. As part of the deal, MGM Resorts would continue to lease and operate the Bellagio while being responsible for all day-to-day operations and capital expenditures.