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Two of the most iconic Las Vegas Strip casinos could be sold, according to one Bloomberg report.
The financial media company reports that Blackstone Group Inc. (BX) is in talks with "MGM Resorts ("MGM": https: //finance.yahoo.com/quote/MGM? p =MGM& .tsrc = fin-srch) to buy both the Bellagio and the MGM Majestic. Blackstone would then rent the property to MGM Resorts, who would continue to manage the daily operations of the casino.
The sources Bloomberg requested anonymity used because the interviews are still private and neither Blackstone or MGM comment on the situation.
the MGM Grand and Bellagio are two of the largest properties owned by MGM Resorts, which owns properties in the United States and China. Between the two stations, there are approximately 315,000 square feet of gaming space and more than 10,000 hotel rooms.
Selling the property to Blackstone, a private equity firm that owns several real estate funds, MGM release the capital needed to build a $ 10 billion complex in Japan, where the Las Vegas-based gaming giant is currently seeking a license. The first estimates have MGM receiving about $ 7 billion for both casinos.
Blackstone has caused a sensation in the gaming market in recent years. He bought the Cosmopolitan Las Vegas in 2014 for $ 1.73 billion and reportedly sought to sell it last spring for $ 4 billion. He also acquired last year the Spanish company Cirsa Gaming Corp. for $ 1.8 billion.
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