Balance of MGM and Mandalay Bay shares bought

A deal has been struck between Blackstone Real Estate Income Trust and VICI Properties for VICI to acquire the outstanding 49.1 per cent of the shares in a joint venture that owns the MGM Grand and Mandalay Bay resorts in Las Vegas.

VICI currently owns 50.1 per cent in the joint venture, with Blackstone holding the remainder. The deal sees all of the shares transferring to VICI for $1.27bn.

The two properties cover 18 million square feet of built property, with 11,000 guest rooms, 321,000sq.ft of gaming space, 2,235 slots and 191 tables.