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Bellagio real estate — sale-leaseback to Blackstone / GIC
$4,250,000,000 · $1,080,600/key
MGM sold Bellagio real estate to Blackstone Real Estate and GIC and leased it back. This is a financing/real-estate structure, not a conventional going-concern hotel sale. Cap-rate comparisons to a boutique independent will mislead.
MGM Resorts announcement, 2019