Nadeem Meghji, who oversees the Blackstone REIT, said the sale was “a “terrific outcome” for the company’s shareholders. “This transaction to acquire an interest in the Bellagio, an iconic property, represents our second investment in the gaming industry and exemplifies the advantages of our size, scale and access to capital,” said Realty Income CEO Sumit Roy. When the deal with Realty Income closes later this year, Blackstone will still own 73.1 percent of the 4,000-room resort and MGM will retain its 5 percent stake. MGM Resorts, which sold a 95 percent stake in the real estate of Bellagio to New York-based Blackstone’s real estate investment trust in 2019 for $4.25 billion, retained the operations under a long-term lease agreement for $245 million in annual rent. Last year, the company paid $1.7 billion to acquire the real estate associated with Encore Boston Harbor from Wynn Resorts, which continues to operate the hotel-casino through a long-term lease.
said in a statement last week it viewed the transaction as an investment opportunity. MGM Resorts International will continue to operate the Bellagio after a San Diego-based investment firm said it was acquiring a 21.9 percent ownership of the Strip hotel-casino from Blackstone Real Estate Americas for $950 million.
