Blackstone (BX) will sell its 22% stake in the Bellagio in Las Vegas to Realty Income (O) in a deal that values the asset at $5.1B, The Wall Street Journal’s Peter Grant reports. Realty Income is paying $300M for the stake in the casino and resort, which are operated by MGM Resorts (MGM) under a long-term lease, the report says, adding that Realty Income also is investing in a $650M preferred equity stake in the property.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on BX:
- REALTY INCOME ANNOUNCES $950 MILLION INVESTMENT IN BELLAGIO LAS VEGAS AT $5.1 BILLION VALUATION
- Blackstone (NYSE:BX) Progressing With Private Equity Fund Launch
- Blackstone management to meet with Piper Sandler
- Blackstone put volume heavy and directionally bearish
- Blackstone CAO Payne sells 10,000 common shares