mandalay bay
Marriott International and MGM Resorts International Partner to Convert Iconic Las Vegas Strip Property to W Hotels Brand
Marriott International, Inc. | October 21, 2024
Marriott International, Inc. and MGM Resorts International announced plans to convert an iconic property on the Las Vegas Strip to the W Hotels brand within the Marriott Bonvoy® portfolio, continuing the brand’s storied evolution. Anticipated to complete its conversion later this year, W Las Vegas marks the latest step in the companies’ long-term strategic licensing agreement announced in July 2023. “Our relationship with Marriott has far exceeded our expectations, demonstrating the power of its brand portfolio and the strength of their distribution channels,” said Steve Zanella, President of MGM Resorts Operations. “W Las Veg...
VICI Properties to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture From Blackstone
Blackstone Real Estate Income Trust, Inc. (BREIT) | December 1, 2022
NEW YORK--Blackstone Real Estate Income Trust, Inc. (“BREIT”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) announced jointly today that they have entered into a definitive agreement in which VICI, currently owner of a 50.1% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort, will acquire BREIT’s 49.9% interest in the joint venture for cash consideration of approximately $1.27 billion and VICI’s assumption of BREIT’s pro-rata share of the existing property-level debt. The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears interest at ...
MGM Resorts, MGM Growth Properties and Blackstone REIT Complete Acquisition of MGM Grand Las Vegas and Mandalay Bay Real Estate for $4.6 Billion
MGM Resorts International | February 14, 2020
MGM Resorts Executes Long-Term Lease with Joint Venture for Both Properties LAS VEGAS and NEW YORK, Feb. 14, 2020 -- MGM Resorts International ("MGM Resorts") (NYSE: MGM), MGM Growth Properties LLC ("MGP") (NYSE: MGP) and Blackstone Real Estate Income Trust ("BREIT") today announced the closing of the previously announced transaction for a joint venture formed between MGP and BREIT to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, BREIT has purchased approximately 4.9 million MGP Class A shares at a price of $30.67 per share. In connection with the completion of the transacti...
MGM Grand Real Estate to be Acquired by Joint Venture of MGM Growth Properties and Blackstone REIT
MGM Resorts International | January 14, 2020
The Joint Venture, which will be owned 50.1% by MGP and 49.9% by BREIT, will also acquire the real estate assets of Mandalay Bay from MGP and will lease both properties to MGM Resorts for an initial rent of $292 million LAS VEGAS, Jan. 14, 2020 /PRNewswire/ -- MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM) today announced that it has entered into a definitive agreement pursuant to which a newly formed joint venture between MGM Growth Properties LLC ("MGP") and Blackstone Real Estate Income Trust ("BREIT") (the "Joint Venture") will acquire the MGM Grand Las Vegas real estate assets in a transaction valued at ...
Mandalay Bay Completes $70 million Convention Center Expansion
Mandalay Bay | January 21, 2016
LAS VEGAS (January 20, 2016) – The Mandalay Bay Resort and Casino Convention Center expansion is now complete with this month's opening of the 70,000-square-foot Oceanside Ballroom. The $70 million expansion includes 350,000 square feet of new exhibit space, a 20,000-square-foot foyer and underground parking, which all opened in August. The Mandalay Bay Convention Center now boasts more than 2 million total square feet and over 900,000 square feet of contiguous exhibit space with the ability to grow current shows and attract new corporate, association and incentive groups. With the expansion's completion, the final phase of Mandal...
