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Blackstone selling MGM Grand and Mandalay Bay hotel stake to Vici: WSJ

Blackstone Inc.

is selling a 49.9% stake in MGM Grand Las Vegas and the Mandalay Bay in a $5.5 billion deal with Vici Properties Inc.
the majority owner of the two hotels, the Wall Street Journal reported Thursday. Citing people familiar with the deal, the newspaper reported that Blackstone plans to receive $1.27 billion in cash and Vici would assume $3 billion of debt for the two hotels. The deal terms value the two properties at $5.5 billion. The deal will deliver a $700 million profit to Blackstone including rent from the operator, the report said. The deal comes after Blackstone in September agreed to sell The Cosmopolitan of Las Vegas for $5.65 billion. Shares of Blackstone Group are down by 29.3% in 2022 compared to a drop of 14.4% by the S&P 500

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