Bloomberg: Talks To Buy Bellagio, MGM Grand Underway

Talks Reported To Be In The "Advanced" Stage

Mitch Kelly
September 17, 2019 - 6:47 am

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LAS VEGAS, NV (KXNT)- Talks are underway regarding a possible sale of two of the most iconic properties on the Las Vegas Strip.

Bloomberg.com is reporting that the Blackstone Group and MGM Resorts International have begun talks that would have Blackstone acquire the Bellagio and MGM Grand.

Terms of a deal aren't yet known, but Bloomberg says if a deal takes place, Blackstone Group would buy the Bellagio and MGM Grand, then lease them back out from MGM Resorts International.

MGM has been looking into selling and then leasing back the properties, either individually or bundled together. Such an arrangement allows the casino companies to still manage the properties while freeing up some cash.

Bloomberg estimates that a sale of the Bellagio could generate $4B for Bellagio, $3B for MGM Grand.

To read the full Bloomberg article, click here

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