VICI Properties Inc. to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture From Blackstone Real Estate Income Trust, Inc.
Summary
Jon Gray, President and Chief Operating Officer of Blackstone, said, “ VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. This transaction also provides us with the opportunity to further grow our partnership with MGM Resorts International as they look to capitalize on the growing vitality of the South Strip.” Scott Trebilco, Senior Managing Director of Blackstone Real Estate, said, “ The sale of these assets is an excellent outcome for our BREIT investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors, including logistics and rental housing.” The MGM Grand Las Vegas / Mandalay Bay triple-net lease has a remaining initial lease term of approximately 27 years (expiring in 2050) with two ten-year tenant renewal options. The AAA Four Diamond Resorts, MGM Grand Las Vegas and Mandalay Bay, feature: • Approximately 11,000 guestrooms and suites (including Four Seasons and Delano hotels) across the two iconic properties • Approximately 321,000 square feet of gaming space and 191 table games and 2,235 slot machines and electronic table games • A variety of amenities for its guests, including multiple Michelin Star winning restaurants, The Mansion at MGM Grand, numerous entertainment venues, the MGM Grand Garden Arena (with approximately 17,000 seat capacity), Hakkasan Night Club, Topgolf, and destination pools and spas • Situated on 226 well-located acres on the Las Vegas Strip The transaction is subject to customary closing conditions and is expected to be completed early in the first quarter of 2023. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. The Company has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch and Chelsea Piers.