Blackstone Intentions To Buy Back & Lease Bellagio and MGM Grand

The Blackstone Group is allegedly in negotiations with MGM Resorts International to purchase and lease back the Bellagio and MGM Grand.

Bloomberg indicates negotiations are at an advanced point with the New York-based private equity firm as it seeks to expand its portfolio of gaming.

Blackstone previously invested in multiple gaming-related ventures in July 2017 for £600 m ($744.3 m) to purchase Clarion Events, which has a gaming arm.

In August 2017, along with CVC Capital Partners, it also purchased Paysafe, which works extensively with gaming companies, for £2.96bn.

For his US CEO Special, MGM Chairman and CEO Jim Murren lately spoke to Gambling Insider, stating that neither the Bellagio or MGM Grand would ever be sold.

Murren did, however, clarify that the operator can sell the property’s real estate while continuing to operate it.

MGM saw its share price increase from $28.76 to $29.69 following rumours of prospective acquisitions by Blackstone.