VICI Properties, the largest property owner on the Las Vegas Strip, is to take full ownership of the Strip’s MGM Grand and Mandalay Bay, in a deal valued at $5.5 billion.
The New York based real estate investment trust already owns 50.1% of the two Las Vegas casino resorts and has now agreed to purchase Blackstone’s 49.9% stake, currently owned by Blackstone.
Speaking on CNBC in the US, Ed Pitoniak, CEO of VICI Properties, said: “We were very excited about the opportunity. Obviously it simplifies our structure, but it gives us total ownership of two of the most iconic assets on the Las Vegas Strip, the MGM Grand and Mandalay Bay.”
MGM Grand Las Vegas and Mandalay Bay, located on the south end of the Strip, include more than 11,000 hotel rooms, 321,000sqft of gaming floor space.