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Follow on Twitter.At a news conference, Ted Pappageorge, the union's secretary-treasurer and chief contract negotiator, urged tourists and Formula 1 ticket-holders to support the workers if they go on strike by not coming to Las Vegas or crossing the picket lines. It purchased the flashy hotel-casino for $1.73 billion in 2014 and sold it for $5.65 billion in a deal that closed last year.Ĭontact Eli Segall at or 70. The investment giant purchased Bellagio’s real estate for $4.2 billion in 2019 and bought Aria and Vdara’s real estate in 2021 for nearly $3.9 billion.īlackstone also still owns a stake in The Cosmopolitan of Las Vegas’ real estate. When the next rent hike kicks in March 1, MGM’s annual rent for MGM Grand and Mandalay Bay is expected to total around $310 million.īlackstone, meanwhile, still has a big presence on the Strip, given its ownership of other massive, MGM-operated hotels. Rental rates for these massive hotels are not cheap. Vici’s portfolio includes Caesars Palace, Harrah’s and The Venetian, as well as several MGM Resorts-operated properties including Luxor, Excalibur, New York-New York, Park MGM and The Mirage. By all appearances, Vici, a Caesars Entertainment spinoff, has emerged as the biggest property owner in the famed corridor with more than 600 acres. 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.Ĭasino resorts up and down the Strip are now leased to rent-collecting landlords. The deal, announced last month, called for Vici to pay around $1.27 billion in cash to Blackstone and assume Blackstone’s share of the debt on the resorts, both of which are leased to casino chain MGM Resorts International.Īccording to a presentation by Vici, it is assuming 49.9 percent of a $3 billion debt load, or nearly $1.5 billion.

Vici, which already owned a 50.1 percent stake in MGM Grand and Mandalay Bay, announced Monday that it closed its acquisition of the remaining 49.9 percent from financial conglomerate Blackstone. Baskow/Las Vegas Review-Journal) landlord Vici Properties completed its buyout of MGM Grand and Mandalay Bay’s real estate, further cementing its ownership of huge resorts along Las Vegas Boulevard.

The pool area about the Mandalay Bay and Delano with Las Vegas Las Vegas Strip to the north during an aerial photo taken on Wednesday, Oct.

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