That figure includes a cash consideration of $1.27 billion and the assumption of $3 billion in BREIT debt. ![]() Last December, VICI announced it would acquire the remaining 49.9% of Mandalay Bay and MGM Grand for $4.27 billion as BREIT faced a liquidity crunch. That 50.1% was inherited by VICI Properties when it closed its $17.2 billion acquisition of MGM Growth in April 2022 - a transaction that created the largest gaming REIT in the US, as well as the largest landlord on the Strip. At that time, the breakdown was a 50.1% stake to MGP, with BREIT owning the remainder. ![]() In January 2020, MGM announced the sale of Mandalay Bay and MGM Grand to a joint venture controlled by MGM Growth Properties (MGP) and Blackstone Real Estate Income Trust (BREIT). MGM Grand opened on the Strip in December 1993 and cost an estimated $1.1 billion to build. That distinction belongs to the First World Hotel in Malaysia, which has 7,351 rooms. ![]() (MGM Grand) has 6,852 rooms and includes five outdoor pools, rivers, and waterfalls that cover 6.6 acres (2.7 ha), a 380,000 square feet (35,000 m2) convention center, the MGM Grand Garden Arena, and the Grand Spa it also houses numerous shops, night clubs, restaurants and the largest casino in Clark County, which occupies 171,500 square feet (15,930 m2),” notes the Academy.īy number of rooms, MGM Grand is not the largest hotel in the world.
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