Casino landlord Vici Properties completed its buyout of MGM Grand and Mandalay Bay’s real estate, further cementing its ownership of huge resorts along Las Vegas Boulevard.
Vici, which already owned a 50.1 percent stake in MGM Grand and Mandalay Bay, announced Monday that it closed its acquisition of the remaining 49.9 percent from financial giant Blackstone.
The deal, announced last month, called for Vici to pay around $1.27 billion in cash to Blackstone and assume Blackstone’s share of the debt on the resorts.
According to a presentation by Vici, it is assuming 49.9 percent of a $3 billion debt load, or nearly $1.5 billion.
Both properties are leased to casino giant MGM Resorts International. When the next rent hike kicks in March 1, MGM’s annual rent for the two properties is expected to total around $310 million.
This is a developing story. Check back for updates.
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Follow @eli_segall on Twitter.