I only just found out about this! I had no idea they were selling anything of the sort. I keep seeing Blackstone popping up when it comes to buying commercial property and yet again, here it is!
MGM has entered into an agreement to sell the Aria and Vdara to the Blackstone Group, a New York-based investment company, for $3.9 billion.
Blackstone... I keep hearing about them buying up things. Something tells me we are heading for a pretty bad stock market crash. I mean they are buying warehouses and residential housing as well. Not sure what their plans are with a Casino other than using them as assets.
Wow, that is a hefty deal! Is this place buying up anything else in Las Vegas? I mean property is a good investment, can't exactly blame them for wanting to control the market and uses it as an investment.
From what I read, MGM will pay rent annually of $215M to rent the properties. So I imagine the properties will be treated like MGM Grand and Bellagio where MGM owns the gaming, entertainment, etc but not the physical asset