VICI Properties Inc. (VICI) to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture From Blackstone Real Estate Income Trust, Inc.

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Go back to VICI Properties Inc. (VICI) to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture From Blackstone Real Estate Income Trust, Inc.

VICI Properties Inc. to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture From Blackstone Real Estate Income Trust, Inc.

December 1, 2022 8:30 AM EST

NEW YORK--(BUSINESS WIRE)-- Blackstone Real Estate Income Trust, Inc. (BREIT) and VICI Properties Inc. (NYSE: VICI) (VICI Properties or VICI) announced jointly today that they have entered into a definitive agreement in which VICI, currently owner of a 50.1% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort, will acquire BREITs 49.9% interest in the joint venture for cash consideration of approximately $1.27 billion and VICIs assumption of BREITs pro-rata share of the existing property-level debt. The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears... More