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MGM Growth, Blackstone Real Estate JV closes over $4B Las Vegas casino deal

MGM Growth Properties LLC and joint venture partner Blackstone Real Estate Income Trust Inc. finalized their acquisition of the real estate assets of the MGM Grand-Las Vegas and Mandalay Bay casinos in Las Vegas for $4.6 billion.

The assets of MGM Grand were acquired from MGM Resorts International, while those of Mandalay Bay were bought from MGM Growth.

MGM Resorts signed a long-term triple net master lease for both properties, and will continue to manage and operate them.

At the same time, Blackstone Real Estate Income bought approximately 4.9 million MGM Growth class A shares at $30.67 apiece.