Blackstone is currently assessing offers for half of the firm’s interest in the Bellagio Las Vegas hotel property. The alternative asset management firm, based in New York, has not yet committed to a sale.
The property was purchased nearly four years ago for $4.25bn, and deliberations about next steps regarding Blackstone’s interest have been kept private, with all involved currently unidentified.
The Bellagio Hotel has been operated by MGM Resorts International under a long-term lease from a prime position on the Las Vegas Strip. Neither representatives from Blackstone nor MGM have provided comment.
Bellagio announced a $110m transformation plan for its spa tower in March this year, which included a renovation of all 819 rooms and 104 suites within the building. The first renovated rooms are due to be completed next month.
In 2021, Blackstone sold the Cosmopolitan hotel in Las Vegas, agreeing the following year to sell its half interest in both the MGM Grand and Mandalay Bay resorts to Vici Properties, a partner of the firm.
The investment firm has recently announced a sale of warehouse and industrial properties to real estate firm Prologis Inc for $3.1bn. Blackstone is looking for further cash-out opportunities on other real estate positions.
Last November, MGM Resorts also unveiled Bellagio grandstand plans for the F1 Las Vegas Grand Prix, which will take place this November around the Las Vegas Strip. There will be two seating options, either the fountain-adjacent Bellagio Grandstands or the ‘behind the scenes’ Paddock Grandstands.
