Blackstone Group to Buy Bellagio and MGM Grand
Blackstone Group is going to buy the Bellagio and the MGM Grand, two of the biggest properties owned by MGM Resorts. Blackstone is in talks with MGM Resorts regarding this.
After buying, Blackstone would then lease the property back to MGM Resorts, who would continue to run the day-to-day casino operations.
By selling the property to Blackstone, MGM would free up needed capital to build a $10 billion resort in Japan. Early estimates have MGM receiving roughly $7 billion for the two casino resorts.
Blackstone has made a splash in the gaming market over the last several years. It purchased the Cosmopolitan Las Vegas in 2014 for $1.73 billion and acquired Spain-based Cirsa Gaming Corp in 2018 for $1.8 billion.