Blackstone considers partial Las Vegas Bellagio sale
Blackstone is reportedly weighing offers for half of its stake in the real estate of the Bellagio casino.
US.- Investment firm Blackstone is reportedly considering offers for half of its stake in the real estate of the Bellagio Hotel and Casino in Las Vegas. According to Bloomberg, the firm is seeking to capitalise on its real estate assets.
Blackstone recently announced plans to divest warehouses and industrial properties for to Prologis Inc., $3.1bn indicating a strategy of cashing out on real estate positions. In 2021, Blackstone sold the Cosmopolitan hotel, and in December 2022, it agreed to sell its 50 per cent stake in the MGM Grand and Mandalay Bay resorts to Vici Properties Inc.
Blackstone bought its stake in Bellagio from MGM Resorts International for $4.25bn in 2019. Under the agreement, Blackstone and MGM Resorts formed a joint venture, with BREIT holding a 95 per cent stake and MGM Resorts holding a 5 per cent stake. MGM Resorts continued to lease and operate the Bellagio while being responsible for day-to-day operations and capital expenditures.
Earlier this year, the Bellagio revealed details of a $110m transformation of the rooms and suites in its Spa Tower. The resort recently remodelled more than 2,500 guest rooms in its main tower. The group plans to work with Champalimaud Design to redesign the 400 suites in Bellagio Tower in 2024.
