He said MGM’s assets make it unique.MGM Resorts enlisted Weil, Gotshal & Manges as its legal counsel, while PJT Partners and JPMorgan Chase & Co. served as financial advisers. A look at The Bellagio Center at Villa Serbellino, a center operated by the Rockefeller Foundation in Bellagio, Italy on Lake Como. We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. Blackstone’s REIT used Citigroup Inc. and Morgan Stanley as its financial advisers. The resort itself is located at the less-trafficked north end of the Strip.The sale of Bellagio will provide a benchmark value to attract bidders for MGM’s remaining real estate interests, Murren said, including the CityCenter properties that are co-owned with Dubai World, and the flagship MGM Grand.Murren also said he wasn’t concerned that Penn National Gaming Corp., another casino operator that had moved to a similar asset-light strategy, trades at a lower multiple of earnings than other casino companies. People view the water fountains at the Bellagio Resort & Casino in Las Vegas.People view the water fountains at the Bellagio Resort & Casino in Las Vegas. MGM Grand will remain in company property portfolio for now The resort has 2,300 employees and includes a 20-acre RV park and 37-acre festival grounds.Ruffin bought the Treasure Island casino from MGM for $746 million in 2009. The Las Vegas-based casino company also agreed to sell the Circus Circus property on the Strip, along with 47 adjoining acres, to real estate mogul Phil Ruffin for $825 million, according to a statement Tuesday.With the sales, MGM Resorts moves a step closer to becoming a landless casino company, marking a new era for the largest operator of casinos on the Las Vegas Strip. Simpson Thacher & Bartlett LLP, meanwhile, was its legal counsel. Murren said the transactions will help the company target new growth opportunities, including one of the new integrated resort licenses in Japan and sports betting in the U.S. MGM has no plans to develop any more casinos in Las Vegas, he said.Ruffin, a real estate mogul raised in Wichita, Kansas, will pay $662.5 million in cash for Circus Circus. Steve Wynn was born Stephen Alan Weinberg in New Haven, Connecticut on January 27, 1942. The $162.5 million balance will be in a note that’s due in 2024. The company then was trying to raise cash following the financial crisis and complete construction of its CityCenter project.He fixed up Treasure Island, once known for its daily pirate battles outside, adding a western-themed barbecue restaurant and other amenities aimed at Middle American guests. After plenty of speculation, MGM Resorts confirmed it is selling the Bellagio to Blackstone for $4.25 billion, but will retain operation of the casino.
To learn more or opt-out, read our Where to dine in at restaurants across Las Vegas and Henderson BELLAGIO — Blackstone Real Estate Income Trust acquired the real estate assets of the Bellagio from MGM Resorts International inn a $4.25 billion sale and leaseback agreement. newsletter Blackstone Real Estate Income Trust (“BREIT”), and MGM Resorts International (“MGM Resorts”) (NYSE: MGM) announced today that BREIT and MGM Resorts will form a 95%/5% BREIT-led joint venture to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction. Casino operator also agrees to sell Circus Circus to Ruffin Casino magnate Steve Wynn opened the Bellagio in 1998 but MGM took ownership in 2000 when Wynn’s Mirage Resorts merged with MGM. I had the honor of participating in … What (and How) to Eat and Drink in Las Vegas During the Coronavirus Pandemic The price for Bellagio represents 17.3 times the initial annual rent of $245 million, MGM said. The REIT has an option to buy the MGM Springfield in Massachusetts.The price for Bellagio represents 17.3 times the initial annual rent of $245 million, MGM said.
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