SPECIAL EDITION - LAS VEGAS 🎰
IMAGE: Jonathan Gray, Stephen Schwarzman, Jim Murren
ADDRESS: 3600 S Las Vegas Blvd
MARKET: Las Vegas
ASSET TYPE: Casino, Hotel, Retail
SALE PRICE: $4,250,000,000
LOAN AMOUNT: $3,000,000,000
LENDER: Morgan Stanley
NOTE: MGM will retain 5% equity in the @Bellagio , Blackstone will lease the hotel back to MGM for an annual $245M in rent. The hotel features 116,000 SF of casino space, as well as 3,950 rooms.
QUOTE: “The casino industry is evolving and we figured the best use of our intellectual capital was to focus on sports, live entertainment and reduce leverage,” Jim Murren, MGM’s CEO, said in an interview.
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