Blackstone to sell its stake in MGM Grand and Mandalay Bay to VICI for $1.27bn

As a result of this sale, VICI will assume complete ownership of the two properties.

  • The deal is expected to close early in the first quarter of 2023
  • PJT Partners and Barclays are serving as Blackstone’s financial advisors, with Simpson Thacher & Bartlett LLP acting as legal counsel
  • Morgan Stanley is financial advisor to VICI Properties while Hogan Lovells is serving as legal advisor

Blackstone has agreed to sell its 49.9 percent stake in a joint venture that owns MGM Grand Las Vegas and Mandalay Bay to VICI Properties for about $1.27 billion.

As a result of this sale, VICI will assume complete ownership of the two properties, which are located in the iconic Las Vegas Strip.

On the sale Jon Gray, president and chief operating officer of Blackstone, said in a statement, “VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone.”

The deal is expected to close early in the first quarter of 2023.

PJT Partners and Barclays are serving as Blackstone’s financial advisors, with Simpson Thacher & Bartlett LLP acting as legal counsel. Morgan Stanley is financial advisor to VICI Properties, while Hogan Lovells is serving as legal advisor.

Blackstone’s real estate business was founded in 1991 and has approximately $319 billion in investor capital under management.

VICI is a real estate investment trust whose properties include Caesars Palace Las Vegas and the Venetian Resort Las Vegas,