Blackstone Real Estate Income Trust, or VICI Properties Inc., which owns a 50.1% stake in the joint venture that now owns MGM Grand Las Vegas and the Mandalay Bay Resort, announced today that VICI has entered a deal to acquire a 49.9% stake in the joint venture.
VICI Properties is a real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand, and Venetian Resort Las Vegas, one of the most iconic entertainment facilities in Las Vegas Streep.
BREIT, a partner in the agreement, is a real estate investment platform externally managed by a subsidiary of Blackstone, a global leader in real estate investment, and Blackstone’s real estate business was established in 1991 and manages about $319 billion in investor capital.
The allocation agreement between VICI and BREIT is worth approximately $1.27 billion and expects VICI to assume a proportional share of BREIT for existing levels of real estate debt. BREIT’s debt has a principal balance of $3 billion and expires in 2032, with a fixed annual interest rate of 3.558%, and is due by March 2030. 바카라사이트
The property within the scope of the contract is at the southern end of Las Vegas Street in Las Vegas, Nevada. Rents will amount to approximately $310 million annually from March 1, 2023, when the lease period begins under an existing lease agreement between the joint venture (owned by MGM Grand Las Vegas and Mandalay Bay Resort) and MGM Resorts International.