See also: MGM Sells Bellagio to Trust Will Continue to Operateīlackstone will own slightly less than half (49.9 percent) of the properties through its nonlisted real estate investment trust while MGM Growth Properties LLC, a publicly traded real estate income trust (REIT), will own the remainder (50.1 percent).
MGM Resorts International announced Tuesday that it will be selling two of its most prominent properties-MGM Grand Las Vegas Hotel & Casino and Mandalay Bay Resort and Casino, Las Vegas-for $4.6 billion to a joint venture that includes real estate giant Blackstone Group Inc. In summer of 2020, the property will be closed and redeveloped into a non-gaming hotel and mixed-use development. Editor’s Note: On Jan 15, Caesars Entertainment Corporation announced that it is selling Harrah’s Reno Hotel and Casino to an affiliate of CAI Investments for $50 million.
