Blackstone (NYSE:BX) is selling its 49.9% stake in MGM Grand Las Vegas and the Mandalay Bay Resort to VICI Properties (NYSE:VICI) in a deal valued at $5.5 billion.
Consequently, VICI will completely own the properties and will assume about $3 billion in debt from Blackstone. The latter will receive $1.27 billion in cash from VICI.
VICI shares have now climbed nearly 7.6% over the past month.
Read full Disclosure
