Blackstone aims to buy Bellagio and MGM Grand Las Vegas
The Blackstone Group is reportedly in advanced talks to buy and lease the Bellagio and MGM Grand Las Vegas from MGM Resorts International.
US.- The Blackstone Group is interested in acquiring and leasing the Bellagio and MGM Grand Las Vegas from MGM Resorts International. Bloomberg reported that people close to the Group said that they’re in advanced talks with MGM.
The news outlet said that the terms of the deal weren’t disclosed, but that they haven’t agreed on a transaction and that even if they’re in talks, one may not be reached. Blackstone and MGM representatives did not comment on the potential deal.
Brian Egger, a gaming analyst for Bloomberg, said: “A Blackstone deal to buy and lease back Bellagio and MGM Grand could raise US$6.5-US$7 billion for a US$10 billion resort in Osaka, Japan, where MGM will vie for a license.”
According to analysts’ estimations, MGM Resorts could buy the Bellagio for US$4 billion, while it would receive US$3 billion from a potential sale of MGM Grand. Blackstone already owns a casino in Las Vegas, after it acquired the Cosmopolitan Las Vegas in 2014 for US$1.7 billion. The company also acquired Spanish giant Cirsa last year in a deal worth around €2 billion.
