city.Īfter a long recession due to the Covid-19 pandemic, Las Vegas has been on the upswing. Las Vegas is Blackstone Real Estate Income Trust’s top market-17% of its portfolio lies in Sin City, the largest percentage of its portfolio in any U.S. and MGM Growth Properties acquired the real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion.
In 2020, Blackstone Real Estate Income Trust, Inc. bought the Bellagio from MGM for $4.25 billion in a sale-leaseback transaction. In 2019, Blackstone Real Estate Income Trust, Inc. This is not the first time MGM and Blackstone’s real estate investment trust have done business together in Las Vegas. The property is on the Las Vegas Strip next to other properties MGM operates, including the Bellagio, the Aria, Park MGM and the MGM Grand. The Cosmopolitan also has a 110,000 square-foot casino, 26 restaurants and bars, a 3,200-seat theater, a nightclub and 243,00 square feet of meeting space.
Blackstone pumped $500 million worth of renovations into The Cosmopolitan, which has 3,032 rooms, since it purchased the property.
