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MGM Resorts International Announces Agreement To Monetize Bellagio Real Estate Assets; MGM Resorts Enters Into Long Term Lease to Operate the Property

Oct 15, 2019 - PR Newswire
Mergers and Acquisitions-Partnership Announcement

PR Newswire

MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM) today announced that it has entered into a definitive agreement to form a joint venture with Blackstone Real Estate Income Trust ("BREIT") that values the real estate of Bellagio at $4.25 billion, which represents a purchase price multiple of 17.3x rent. In this landmark transaction for the gaming and entertainment industry, the joint venture will acquire the Bellagio real estate and lease it back to a subsi...