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Blackstone to buy Bellagio real estate; Nevada seeks to ban former Wynn chief


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Essential IR Insights Newsletter - February 2023


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Blackstone to buy Bellagio real estate; Nevada seeks to ban former Wynn chief


* Private equity giant Blackstone Group Inc.'s Blackstone Real Estate Income Trust Inc. agreed to purchase the real estate assets of The Bellagio Las Vegas from MGM Resorts International for approximately $4.25 billion, excluding closing costs, in a 95/5 joint venture with MGM. Blackstone Real Estate Income Trust will lead the joint venture, which will lease back the property to a unit of MGM Resorts for initial annual rent of $245 million. The deal is expected to close in the fourth quarter.

* The Nevada Gaming Control Board is seeking to ban former Wynn Resorts Ltd. Chairman and CEO Steve Wynn from the state's casino industry, deeming him "unsuitable" to be associated with the business as a whole, The Wall Street Journal reported, citing the complaint filing. An attorney for Wynn reportedly could not be reached for comment. The company was previously fined by Nevada and Massachusetts over how it handled the sexual misconduct allegations against Wynn.


* Children's Place Inc. will relaunch its Gymboree brand in early 2020 through an online platform and shop-in-shop locations across more than 200 stores the U.S. and Canada.

* Fossil Group Inc. appointed former Mondelez International Inc. executive Kim Harris Jones to its board, effective Oct. 15.


* J. C. Penney Co. Inc. named Laurie Wilson senior vice president of planning and allocation and pricing, effective Oct. 28, replacing John Welling, who stepped down from the role in August. Wilson previously served as president and CEO of LW Associates Inc.

* Next PLC CEO Simon Wolfson sold 153,000 of his shares in the company, for about £66.05 each, or a total of roughly £10 million.

* Marks & Spencer Group PLC confirmed that CFO Humphrey Singer will resign from the role and leave the company on Dec. 31.


* Asos PLC's fiscal 2019 diluted EPS dropped 70% to 29.4 pence from 98 pence in 2018, still meeting the S&P Global Market Intelligence consensus GAAP EPS estimate for the year. Group revenues grew 13% year over year, or 12% at constant currency, to £2.73 billion from £2.42 billion.


* Walmart Inc. rolled back prices on more than 200 additional toys in stores and online ahead of the holidays, bringing its total number of discounted toys for sale to more than 400.


* Chow Tai Fook Jewellery Group Ltd. reported that second-quarter retail sales value grew 4% in Mainland China but dropped 35% in Hong Kong and Macao. Meanwhile, same-store sales fell 7% in Mainland China and 42% in Hong Kong and Macao as the company saw declines in its gem-set jewelry segment and gold products segment.

* Whirlpool Corp. will close its washing machine factory in Naples, Italy, on Nov. 1, following failed reorganization plans for the site, Reuters reported. Whirlpool did not immediately respond to S&P Global Market Intelligence's request for comment.

* Whirlpool Corp. named CMS Energy Corp. President and CEO Patti Poppe to its board, effective Dec. 16.


* Thomas Cook Group PLC attributed its collapse to the failure of the U.K. government to back its £900 million rescue deal with Fosun Tourism Group, the Financial Times reported, citing CEO Peter Fankhauser's statement to parliament. "Government officials from a variety of departments had over 100 meetings with Thomas Cook in the run-up to its insolvency," a government spokesperson reportedly said.

* Huazhu Group Ltd. said it expects net revenue for the third quarter to increase year over year by 10% to 11%. The company has 5,151 hotels in operation as of Sept. 30 and has a historical high of 1,736 locations unopened in the pipeline.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng increased 0.61% to 26,664.28, and the Nikkei 225 went up 1.20% to 22,472.92.

In Europe, around midday, the FTSE 100 lost 0.12% to 7,201.94, and the Euronext 100 was essentially flat at 1,100.88.

On the macro front

The retail sales report, the Atlanta Fed business inflation expectations report, the business inventories report, the housing market index, the Beige Book and the Treasury international capital report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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