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LAS VEGAS — VICI Properties has entered into an agreement to purchase Blackstone Real Estate Trust’s (BREIT) 49.9 percent interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. The joint venture between BREIT and MGM Growth Properties was originally formed in early 2020, before VICI’s acquisition of MGM in 2021.
VICI will acquire the stake for $1.3 billion and assume BREIT’s pro-rata share of the existing $3 billion property-level debt. The deal is expected to close early in first-quarter 2023.
Combined the properties total 18 million square feet, with 11,000 guest rooms, 321,000 square feet of gaming space and 3 million square feet of exhibit and meeting space.