![]() MGP expects the transaction to close in the first quarter of 2020, subject to certain customary closing conditions. ![]() MGM Resorts will continue to manage, operate and be responsible for all aspects of the properties on a day-to-day basis, with the JV owning the properties and receiving rent payments. Together, the two Las Vegas properties comprise 9,743 guestrooms, approximately 3 million square feet of meeting space and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip.Īt closing, MGM Resorts International will enter into a long-term triple net master lease for both properties and provide a full corporate guarantee of rent payments. MGP currently owns the Mandalay Bay real estate and MGM Resorts International owns the MGM Grand real estate. ![]() BREIT, which is externally managed by a subsidiary of The Blackstone Group, also will purchase $150 million in MGP Class A shares. MGP will own 50.1 percent of the JV and BREIT 49.9 percent. MGM Growth Properties and Blackstone Real Estate Income Trust entered into a definitive agreement to form a joint venture to acquire the MGM Grand and Mandalay Bay in Las Vegas for $4.6 billion.
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