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MGM raises $5bn through Bellagio real estate and Circus Circus deals

16th October 2019 6:49 am GMT
MGM Resorts

New York-listed casino operator MGM Resorts International has taken the first steps in executing its new asset-light strategy with an agreement to monetize its Bellagio real estate assets alongside the sale of Circus Circus Las Vegas.

MGM 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 $4.25bn.

The JV will acquire the Bellagio real estate and lease it back to a [...]

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