MGM Growth Properties and Blackstone Real Estate Income Trust to Form Joint Venture to Acquire the Las Vegas Real Estate of the MGM Grand and Mandalay Bay for $4.6 Billion and Simultaneously Execute Long-Term Lease with
January 14, 2020
LAS VEGAS & NEW YORK, January 14, 2020 -- MGM Growth Properties LLC (“MGP”) (NYSE: MGP) and Blackstone Real Estate Income Trust, Inc. (“BREIT”) today announced that MGP and BREIT have entered
into a definitive agreement to form a new joint venture to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, BREIT will purchase $150 million in MGP Class A shares.
MGP will own 50.1% of the joint venture, and BREIT will own 49.9%.