Tag Archives: REIT
US – Blackstone to pay $4.6bn for foothold in MGM Grand and Mandalay Bay
MGM Resorts is offloading a major shareholding in two of its major Las Vegas assets with MGM Grand and Mandalay Bay being sold to growing gaming force Blackstone for $4.6bn following the increasingly popular ‘buy and lease back model.’ The deal between MGM Growth Properties and Blackstone Real Estate Income Trust effectively monetises the real…
US – Caesars diversifies tenants roster with Margaritaville Penn deal
Caesar’s spin off VICI Properties has completed the purchase of land relating to Margaritaville Resort Casino, located in Bossier City, Louisiana, for $261m whilst Penn National Gaming will in effect act as a tenant having bought the operating assets for $115m. Penn National’s lease agreement will see it paying annual rent of approximately $23.2m for…
US – Congress members sign letter against Caesars’ REIT
Political support against Caesars Entertainment’s efforts to create a real estate investment trust (REIT) to split its assets. US Congress members have now signed a letter asking Treasury Secretary Jacob Lew to reject what would be a beneficial tax regime. Caesars has transferred 10 of its properties, including seven on the Las Vegas Strip, into…
US – Analysts confused by MGM’s move towards REIT
In a move that has confused analysts, MGM Resorts International is transferring 10 of its properties, including seven on the Las Vegas Strip, into a real estate investment trust that will be 70 per cent owned by MGM, but will allow for ‘strategic and financial benefits.’ MGM will maintain 100 per cent ownership of Bellagio,…
