According to reports, Blackstone Inc. is considering offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas.
The property last changed ownership four years ago in a deal worth a reported $4.25 billion. However, while the reports suggest that the New York investment firm is considering offers, it has not committed to a sale although it is believed that any sale will be a partial sale only.
The reports of the Bellagio sale come after Blackstone revealed plans to sell off industrial properties in its portfolio to Prologis Inc. in a deal worth $3.1 billion.
Bellagio is currently operated under a long-term lease by MGM Resorts International, the casino resort’s original owner. The resort is one of the most successful in Las Vegas in terms of visitors and revenue.
In 2021, Blackstone sold the Cosmopolitan Hotel in Vegas while in 2022, the company agreed to sell 50% of its interest in the MGM Grand and Mandalay Bay resorts.
Blackstone is also the current majority owner of Australian-based Crown Resorts, which is under severe scrutiny from local regulators and has been fined AU$250 million (€156.7 million) to date with another financial penalty of AU$450 million (€274.95 million) agreed with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.