VICI Buys Remaining Pieces of Mandalay Bay and MGM Grand

Sun, Dec 4, 2022

VICI, the real estate investment trust that dominates the Las Vegas Strip, last week bought the remaining equity in Mandalay Bay and MGM Grand (l.) that it didn’t own from Blackstone, making it the largest real estate owner on the Las Vegas Strip.

VICI Buys Remaining Pieces of Mandalay Bay and MGM Grand

VICI, the Caesars real estate investment trust (REIT) spinoff, last week acquired the remaining 49.9 percent equity in two Las Vegas Strip casinos operated by MGM Resorts, MGM Grand and Mandalay Bay. The price of the deal was $1.3 billion, with a $3 billion debt load.

The deal makes VICI the largest landowner on the Strip, with control of over 600 acres. In addition to the two properties in last week’s deal, VICI owns The Mirage (soon to be managed by Hard Rock International), Park MGM, Luxor, New York-New York, Excalibur and other properties leased to MGM Resorts.

VICI last year acquired MGM Growth Properties for $17.2 billion, making it the largest REIT in gaming.

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