Blackstone Considers Sale of Stake in Bellagio Casino-Hotel amid Strong Las Vegas Market

Blackstone Inc., a major New York-based alternative investment management business, is allegedly exploring possibilities to sell half of its share in the Bellagio casino-hotel on the iconic Las Vegas Strip in a move that has stirred interest in the real estate market. The move comes on the heels of Blackstone’s recent sale of the Cosmopolitan Casino and Hotel Las Vegas, as well as its commitment to sell its investment in the MGM Grand Las Vegas and Mandalay Bay casinos.

While Blackstone has not made a definitive commitment to sell, people close to the situation say the investment giant is aggressively weighing its alternatives. The discussions come as Blackstone seeks to maximize the value of its real estate investments through smart sales. In keeping with this approach, the business stated on June 26 that it will sell warehouses and industrial assets to Prologis Inc. for $3.1 billion.

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Despite being one of the most profitable resorts on the Las Vegas Strip, the Bellagio is still operated by its original owner, MGM Resorts International, under a long-term lease. Because of this one-of-a-kind operating structure, Blackstone is considering selling its part in the very successful property. Notably, while other real estate sectors, such as malls and office buildings, have experienced difficulties, hotel traffic in Las Vegas has remained strong, making the prospective sale an appealing option for Blackstone.

The successful sale of the Cosmopolitan casino and hotel by Blackstone for $5.65 billion, which resulted in a large return on investment, demonstrates the investment firm’s capacity to earn significant profits in the commercial real estate market. Given Blackstone’s recent sale of a 49.9% share to VICI Properties, it is possible that VICI will emerge as a potential buyer for the Bellagio holding as well. VICI Properties, on the other hand, has not publicly stated its desire to buy a share of the Bellagio.

The probable sale comes as the Bellagio begins its latest refurbishment project. Earlier this year, officials revealed plans for a $110 million renovation of all rooms and suites in the Spa Tower. The refurbishment seeks to provide modern and elegant accommodations inspired by the beauty and tranquilly of Lake Como in Italy. The Spa Tower’s restoration, which will include 819 guest rooms and 104 suites, is set to be completed in October, with the first collection of rooms ready to guests in July.

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The thriving Las Vegas market and the resort’s lasting popularity position it as a sought-after asset as Blackstone considers its alternatives for the Bellagio ownership. The outcome of Blackstone’s appraisal process has the potential to transform the future of Las Vegas’ real estate industry, opening up new opportunities for investment and expansion in the world’s most famous entertainment destination.

The post Blackstone Considers Sale of Stake in Bellagio Casino-Hotel amid Strong Las Vegas Market appeared first on iGaming.org.

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