Vici Properties Inc. Completes Acquisition Of Remaining 49.9% Interest In Mgm Grand Las Vegas And Mandalay Bay Joint Venture
Acquiring Company
Vici Properties
New YorkReal EstateGamingHospitalityDescription
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, announced today that the Company has closed on the previously announced acquisition of the remaining 49.9% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort from Blackstone Real Estate Income Trust, Inc. (“BREIT”) for cash consideration of approximately $1.27 billion and VICI’s assumption of BREIT’s pro-rata share of existing property-level debt. The cash consideration was funded through a combination of cash on hand and proceeds from the settlement of forward equity sale agreements. The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears interest at a fixed rate of 3.558% per annum through March 2030.
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