Blackstone Acquires Aria And Vdara From MGM Resorts Intl For $3.89B

Blackstone has acquired two properties in Las Vegas, NV, in a deal worth $3.89 billion. The properties in question are the Aria Resort & Casino and the Vdara Condo-Hotel. The sale was completed on July 6, 2021, with the address of the properties being 3730 S. Las Vegas Blvd. and 2600 W. Harmon Ave. This acquisition marks an important move for Blackstone in the hotel and casino asset sector.

Summary of transaction details

• Property Type: Hotel 🏨 & Casino 🎰
• Transaction Amount: $3,890,000,000
• Buyer: Blackstone
• Seller: MGM Resorts Intl

In this deal, MGM Resorts Intl will buy out Infinity World Development Corp. of its 50% stake in the Aria Resort & Casino and Vdara Condo-Hotel complex. MGM Resorts Intl will pay a total of $2.1 billion to Dubai World's subsidiary, becoming the sole owner of the complex. Subsequently, Blackstone will purchase the Aria Resort & Casino and Vdara Condo-Hotel from MGM Resorts Intl for a combined amount of $3.89 billion. One interesting aspect of this transaction is that Blackstone will own the physical properties while MGM Resorts Intl will continue to own and operate the casino portion of the business. Blackstone will receive rent payments from MGM Resorts Intl as the owner of the real estate.