Visitors to Bellagio won’t see any changes in operations as a result of the formation of a new joint venture land ownership deal announced Friday.
Realty Income Corp., a San Diego real estate investment trust that is an S&P 500 company listed on the New York Stock Exchange, signed an agreement to invest $950 million to acquire common and preferred equity stock from New York-based Blackstone Real Estate Income Trust Inc.
Upon closing, expected to occur in this year’s fourth quarter, Realty Income will invest $300 million of common equity in the joint venture, subject to certain adjustments, to acquire a 21.9 percent indirect interest in the Bellagio resort-casino and the land it sits on, according to a release issued by both companies.
