Blackstone selling 22% stake in Bellagio: WSJ

BLACKSTONE Group is selling a 22 per cent stake in the Bellagio hotel in Las Vegas, which is operated by MGM Resorts under a long-term lease, in a deal that values the asset at $5.1 billion, the Wall Street Journal (WSJ) reported on Friday (Aug 25).

Realty Income, which owns more than 13,000 properties in the US and Europe, is paying US$300 million for the 22 per cent stake in the casino and resort, the report said.

Realty Income is also investing in a US$650 million preferred equity stake in the property, according to the WSJ report.

A spokesperson for BReit, Blackstone’s real estate investing arm, and MGM did not immediately respond to a Reuters request for comment.

Bloomberg News had in June reported that US investment giant Blackstone was fielding offers for half of its interest in the real estate of the Bellagio hotel.

Blackstone had bought Bellagio from MGM for US$4.3 billion in 2019. REUTERS