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Blackstone (NYSE:BX) is considering offers for half its stake in the real estate of the Bellagio casino in Las Vegas.
The private equity firm is evaluating its options and hasn’t committed to a sale, according to a Bloomberg report, which cited people familiar with the matter.
The Bellagio is operated by MGM Resorts (MGM), its original owner, under a long-term lease. Blackstone purchased the Bellagio real estate for $4.25 billion in 2019. The investment firm agreed to acquire the Bellagio real estate and lease it back to a subsidiary of MGM Resorts.
The Bellagio report comes after Prologis on Monday agreed to acquire almost 14 million square feet of industrial properties from funds affiliated with Blackstone (BX) for $3.1 billion in cash.
Blackstone (BX) agreed to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion in 2021. In December 2022, Blackstone agreed to sell its 49.9% interest in the MGM Grand Las Vegas and the Mandalay Bay Resort, to VICI Properties (VICI).