Blackstone is said to weigh offers for stake in Bellagio Las Vegas property

Blackstone is said to weigh offers for stake in Bellagio Las Vegas property

Article brief provided by Bloomberg News
  • Christopher Palmeri and Kamaron Leach, Bloomberg News
June 26, 2023 9:18 PM
  • Christopher Palmeri and Kamaron Leach, Bloomberg News

Blackstone Inc. is fielding offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas, a property purchased almost four years ago for $4.25 billion.

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The New York-based investment firm is considering its options and hasn’t committed to a sale, according to people with knowledge of the matter who asked not to be identified because the deliberations are private.

Blackstone has been looking to cash out on some of its real estate positions. On Monday, the company announced plans to sell warehouses and industrial properties to Prologis Inc. for $3.1 billion.

Bellagio, one of the top performing resorts on the city’s famous Strip, is operated under a long-term lease by MGM Resorts International, its original owner.