Realty Income Acquires 22% Stake in Bellagio from Blackstone for $300 Million

Realty Income, a prominent property owning business with a wide portfolio spanning the United States and Europe, has agreed to buy a 22% share in the historic Bellagio resort in Las Vegas from Blackstone, a global investing powerhouse. This strategic alliance is a watershed moment in the worlds of real estate and gaming.

Realty Income is paying a significant $300 million for a 22% ownership in the Bellagio, a renowned casino and resort on the sparkling Las Vegas Strip. This transaction highlights the Bellagio’s value as a top asset in the hotel and entertainment sector, with a valuation of $5.1 billion.

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Realty Income’s President and CEO, Sumit Roy, underscored the company’s commitment to investing in top-tier real estate initiatives in partnership with industry-leading operators. The purchase of a share in the Bellagio is consistent with Realty Income’s aim of investing in large-scale real estate projects while collaborating with established players in the industry.

Realty Income isn’t making its first move into the gaming sector. The cooperation with Blackstone to purchase a share in the Bellagio is the company’s second big investment in this sector. The transaction exemplifies Realty Income’s strategic approach to portfolio diversification, utilizing its enormous reach and financial expertise to exploit opportunities in a variety of industries.

Blackstone, a prominent name in the investment landscape, brings its deep expertise to the table. Nadeem Meghji, Head of Blackstone Real Estate Americas, highlighted the strong investor demand for premium assets like the Bellagio. The deal showcases the prowess of Blackstone’s Real Estate Income Trust (BREIT) in curating high-quality assets that resonate with market trends.

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As part of the agreement, Realty Income is making a substantial preferred equity investment amounting to $650 million in the Bellagio. This move amplifies the strategic nature of the partnership and showcases Realty Income’s commitment to creating value through multiple avenues within the venture.

Upon completion of the deal, Blackstone Real Estate Income Trust (BREIT) will retain a 73.1% indirect interest in the Bellagio, demonstrating its confidence in the venture’s potential. Meanwhile, MGM Resorts International, the operator of the Bellagio, will retain a 5.0% stake, underscoring the continued collaboration between the two entities.

MGM Resorts International operates the Bellagio through a long-term lease arrangement. Under this agreement, MGM will continue to pay rent that gradually escalates over the 30-year lease term. The renewal terms are set at fair market value, securing consistent revenue for the property.

Realty Income’s common equity ownership interest is positioned below its substantial $650 million preferred equity investment in the Bellagio. This financial structure highlights the strategic allocation of resources to maximize the benefits of the venture.

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Casino & Sports

The surge in Bellagio’s valuation signifies the remarkable revival of Las Vegas following the challenges posed by the pandemic. The property’s value has soared, reflecting the increased visitor volume and resurgence in the entertainment capital’s allure.

Blackstone’s acquisition of the Bellagio in 2019 marked the inception of a transformative journey. Through its Real Estate Income Trust (BREIT), Blackstone ventured into the gaming and hospitality realm, positioning itself for success in a dynamic market.

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