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Blackstone sells stake in MGM Grand, Mandalay Bay as Las Vegas icons valued at $5.5bn
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fnlondon.comBlackstone has agreed to sell its 49.9% stake in two Las Vegas hotels in a deal that values the properties at $5.5bn, according to people familiar with the matter, marking one of the largest US casino transactions this year.
The New York investment firm is selling its stake in the MGM Grand Las Vegas and the Mandalay Bay to Vici Properties, which owns the other 50.1% stake in the properties. Blackstone would receive $1.27bn in cash, and Vici would assume Blackstone’s share of some $3bn in debt, these people said.
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