New York-based Vici was spun off from Caesars Entertainment in 2017 as the casino chain’s main operating unit emerged from bankruptcy. When the next rent hike kicks in March 1, MGM’s annual rent for the two properties is expected to total around $310 million, according to a news release.

The two megaresorts also occupy 226 acres of land. The room count includes Mandalay Bay’s neighboring Delano Las Vegas hotel tower and the Four Seasons hotel inside Mandalay Bay. Vici CEO Ed Pitoniak said in a news release Thursday the company is “excited” to increase its investment in “two of the largest and highest-quality resorts in what we believe is the leisure and convention destination with the most compelling future demand outlook.”Ĭollectively, MGM Grand and Mandalay Bay feature more than 18 million square feet of building space with roughly 11,000 rooms, 321,000 square feet of casino space and 3 million square feet of exhibition and meeting facilities. ‘Two of the largest and highest-quality resorts’ Thursday’s announcement is also the latest high-priced buyout on the Strip by Vici, which by all appearances is the biggest property owner in Las Vegas’ famed casino corridor. Las Vegas has seen a burst of deals the past few years that have shuffled resort property ownership around, with billions of dollars changing hands, albeit to little, if any, visible effect for customers. Vici, which already owns a 50.1 percent stake in the properties, is paying about $1.27 billion in cash and assuming Blackstone’s share of the debt on the resorts.Īccording to a presentation by Vici, it is assuming 49.9 percent of a $3 billion debt load, or nearly $1.5 billion.Īll told, this marks another huge investment by a landlord for casino real estate on the Strip. The transaction is expected to close early next year. Vici announced Thursday that it reached a deal to purchase financial giant Blackstone’s 49.9 percent stake in the properties, both of which are leased to casino giant MGM Resorts International. (Michael Quine/Las Vegas Review-Journal) landlord Vici Properties is taking full ownership of MGM Grand and Mandalay Bay’s real estate, in a nearly $1.3 billion cash sale. Aerial view of the MGM Grand hotel casino on the south Las Vegas Strip at sunset on Wednesday, January 12, 2022.

Mgm grand hotel casino aerial view