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Announced

Completed

VICI Properties completed the acquisition of a 49.9% stake in MGM Grand Las Vegas and Mandalay from BREIT for $2.75bn.

Financials

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Transaction Value£2,288m
Consideration TypeCash
Capital Owned50%
Capital Bid For50%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Domestic

Single Bidder

Hotels and Motels

Casinos and Gambling

casino

hotel

United States

Friendly

Majority

Acquisition

hotel operator

Private

Real Estate

Completed

Private Equity

Synopsis

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VICI Properties, a real estate investment trust, completed the acquisition of a 49.9% stake in MGM Grand Las Vegas and Mandalay from Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $2.75bn. “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. Las Vegas continues to be a high conviction market for Blackstone," Jon Gray, Blackstone President and COO.

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