January 12, 2023
VICI Properties completes acquisition of MGM Grand Las Vegas & Mandalay Bay Resort
VICI Properties has completed a $1.27bn deal to acquire the remaining 49.9% stock in the joint venture that owns MGM Grand Las Vegas...

VICI Properties completes acquisition of MGM Grand Las Vegas & Mandalay Bay Resort

January 10, 2023 | Charlie Horner |SBCAmericas

VICI Properties has completed a $1.27bn deal to acquire the remaining 49.9% stock in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort.

The deal sees VICI pay its joint venture partners, Blackstone Real Estate Income Trust, a cash consideration of around $1.27bn, funding via cash in bank and proceeds from the settlement of forward equity sale agreements.

Both resorts are operated by MGM Resorts International and are subject to a triple net lease agreement which will remain unchanged until March 1. From the next rental escalation, MGM will pay an annual rental fee of $310m.

The triple net lease agreement has 27 years remaining on its term, which expires in 2050 but is subject to two ten-year renewal options. 

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