Blackstone selling 22% stake in Bellagio: WSJ
Add BT as a preferred source
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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Canada’s fight with the US has far bigger stakes than trade
Can Bali swop beach capital for global capital without the skyscrapers?
Stripe’s Apac business should grow faster than any other region, says its chief revenue officer
What’s luck got to do with it? Everything, says Malaysian jewellery king Tomei’s chief
