VICI to Acquire Blackstone’s Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

Blackstone Real Estate Income Trust, Inc. (BREIT) and VICI Properties Inc. (VICI Properties) have entered into an agreement in which VICI will acquire BREIT’s 49.9% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort.

The purchase involves a cash consideration of approximately US$1.27 billion and VICI's assumption of BREIT's pro-rata share of the existing property-level debt, which has a principal balance of US$3 billion, matures in 2032, and bears interest at a fixed rate of 3.558% per annum through March 2030. The subject of the purchase is a property located on the southern part of the Las Vegas Strip in Las Vegas, Nevada, USA. 

The deal is expected to close at the beginning of the Q1 of 2023. PJT Partners and Barclays are financial advisors to BREIT, while Simpson Thacher & Bartlett LLP are legal advisors. Morgan Stanley & Co. LLC acts as exclusive financial advisor to VICI Properties and Hogan Lovells as legal advisor.

 

List of the country updates

Country updates

  • December 02, 2022

    Atlas Arteria acquisition to Skyway Concession in Chicago

    Atlas Arteria has announced the agreement to acquire Skyway Concession Company LLC in Chicago, USA.  As part of the transaction, all required regulatory approvals have been obtain...

    Read more
  • November 29, 2022

    Skanska to invest in Housing PPP Project in USA

    Skanska has announced its US$296 million investment to develop a building of 31-story, 324-unit Class A apartment building, with US$190 million reserved for the cost of construction, which will be log...

    Read more
  • November 22, 2022

    CDOT rejects unsolicited proposal for toll lanes

    The Colorado Department of Transportation (CDOT) has rejected an unsolicited proposal that sought to accelerate the construction of toll-free express lanes on Interstate 25 in order to close an a...

    Read more
  • November 22, 2022

    Partners Group completes acquisition of EdgeCore Digital Infrastructure

    Partners Group has announced the acquisition of EdgeCore Digital Infrastructure in Colorado, USA. The recapitalization includes an investment of up to US$1.2 billion to fund the acquisition and...

    Read more
  • November 21, 2022

    Financial close achieved for JFK Terminal 6 in USA

    The Port Authority of New York and New Jersey has approved a US$4.2 billion project financing for the construction of a new international Terminal 6 in New York, USA. JFK Millennium Pa...

    Read more

Share this update