VICI Properties to Acquire MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas with Hogan Lovells‘ Legal Guidance

Hogan Lovells is providing counsel to VICI Properties on its proposed purchase of Blackstone Real Estate Income Trust, Inc.’s (BREIT) 49.9% interest in the joint venture which owns MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. On completion of the transaction, VICI Properties will pay approximately US$1.27 billion in cash for BREIT’s interest and also assume their portion of the existing debt which has a principal balance of US$3 billion. The planned acquisition is expected to finalize at the start of 2023, pending fulfillment of standard closing conditions. Upon conclusion of the purchase, VICI Properties will have complete ownership over the associated real properties for both casinos. Hogan Lovells are providing legal guidance to VICI Properties throughout this process.

Summary

• Hogan Lovells is advising VICI Properties on the proposed acquisition of BREIT’s 49.9% interest in the joint venture that owns the MGM Grand Las Vegas and Mandalay Bay Resort.
• VICI Properties will acquire BREIT’s interest for cash consideration of approximately US$1.27 billion, and will assume BREIT’s pro-rata share of the existing property-level debt.
• The transaction is expected to close in the first quarter of 2023, at which point VICI Properties will own 100% of the interests in the joint venture.

What is the total amount of consideration VICI Properties will pay for BREIT’s interest in the joint venture?

The total amount of consideration VICI Properties will pay for BREIT’s interest in the joint venture is approximately US$1.27 billion plus US$3 billion in property-level debt.

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Picture source: Kaysha