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Thread: MGM may sell Belagio and MGM Grand -- but also lease them back

  1. #1
    Owner Dan Druff's Avatar
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    MGM may sell Belagio and MGM Grand -- but also lease them back

    In what appears to be a bigger deal than it probably is, several outlets are reporting that MGM has put Bellagio and MGM Grand up for sale, in order to raise cash for international expansion.

    But don't expect those properties to change themes or even management.

    They will remain MGM MLife properties, and the customer won't notice a difference.

    They are simply selling the land and the buildings, and leasing them back.

    Caeasrs has already done something similar, except they've done this via one of their own subsidiaries, VICI Properties.

  2. #2
    Quote Originally Posted by Dan Druff View Post
    In what appears to be a bigger deal than it probably is, several outlets are reporting that MGM has put Bellagio and MGM Grand up for sale, in order to raise cash for international expansion.

    But don't expect those properties to change themes or even management.

    They will remain MGM MLife properties, and the customer won't notice a difference.

    They are simply selling the land and the buildings, and leasing them back.

    Caeasrs has already done something similar, except they've done this via one of their own subsidiaries, VICI Properties.

    Todd,in your opinion is MGM @ 24 bux a buy ?ty.

  3. #3
    MGM completes Bellagio sale with Blackstone group for leaseback deal

    LAS VEGAS (KSNV) — MGM Resorts has completed the agreement to sell the Bellagio Resort to Blackstone Trust in a $4.25 billion leaseback deal.

    The two companies announced the sale closed Monday. Blackstone acquires the Bellagio's real estate in a joint venture, with MGM holding a 5% stake.

    MGM will lease the property and continue to manage and operate it on a day-to-day basis, according to a press release.

    The sale of the Bellagio was announced last month, along with the sale of Circus Circus Las Vegas to Phil Ruffin, owner of Treasure Island.

    MGM Resorts CEO Jim Murren told investors the deal to sell the Bellagio would set a blueprint for other possible leaseback agreements.
    https://news3lv.com/news/local/mgm-b...as-vegas-strip

    Blackstone been gobbling up RE in the QE era. Casinos too. Go figure
    http://www.miraclecovers.com

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

  4. #4
    Analysts predict Hong Kong type riots when that lease expires

  5. #5
    Quote Originally Posted by Shizzmoney View Post
    MGM completes Bellagio sale with Blackstone group for leaseback deal

    LAS VEGAS (KSNV) — MGM Resorts has completed the agreement to sell the Bellagio Resort to Blackstone Trust in a $4.25 billion leaseback deal.

    The two companies announced the sale closed Monday. Blackstone acquires the Bellagio's real estate in a joint venture, with MGM holding a 5% stake.

    MGM will lease the property and continue to manage and operate it on a day-to-day basis, according to a press release.

    The sale of the Bellagio was announced last month, along with the sale of Circus Circus Las Vegas to Phil Ruffin, owner of Treasure Island.

    MGM Resorts CEO Jim Murren told investors the deal to sell the Bellagio would set a blueprint for other possible leaseback agreements.
    https://news3lv.com/news/local/mgm-b...as-vegas-strip

    Blackstone been gobbling up RE in the QE era. Casinos too. Go figure
    Yeah might as well buy up tangible assets on the cheap while money is free and they'll have something to show for it when the inevitable market wake up occurs...………….whenever the fuck that is...

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