Did they sell the Bellagio?

The sale of the oddly-specific 22% of Bellagio means the resort is valued at $5.1 billion. Blackstone acquired Bellagio for $4.25 billion. Blackstone used to be a bigger player in Las Vegas, but Vici Properties (another REIT) is the real whale, or as we've described it, “the Strip's landlord.”



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Planet Hollywood, Caesar's Palace, Bellagio, and The Venetian are all owned by different companies. Planet Hollywood is owned by Caesars Entertainment Corporation. Caesar's Palace is also owned by Caesars Entertainment Corporation. Bellagio is owned by MGM Resorts International.

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Blackstone, one of the world's largest real estate investors, purchased the Bellagio in 2019 from MGM Resorts in a sale-leaseback transaction that valued the property at $4.25 billion.

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And the Bellagio's value shows the strength of Las Vegas' recovery. Blackstone — through its REIT Blackstone Real Estate Income Trust (BREIT) — spent $4.25 billion to buy the Bellagio from MGM Resorts in 2019, and its latest deal with Realty Income values the 4,000-room hotel at $5.1 billion.

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Anyone strolling from the center of Bellagio in the direction of Villa Melzi will inevitably notice a large, elongated building on the lakeshore. The former Hotel Grand Bretagne is located on the famous peninsula where Lake Como splits into two arms towards the south.

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