Who bought Bellagio?

Blackstone's Bellagio Deal Values Luxury Hotel at $5 Billion The fund behind it, the Blackstone Real Estate Income Trust, will retain 73.1%. Blackstone bought the Bellagio four years ago for $4.25 billion and has recently been weighing offers for half of its interest in the real estate of the hotel.



The real estate of the Bellagio resort in Las Vegas was purchased by Blackstone Real Estate Income Trust (BREIT) in 2019 for approximately $4.25 billion. This transaction was a "sale-leaseback" deal, meaning that while Blackstone owns the physical land and buildings, MGM Resorts International maintains a 5% equity interest and continues to operate the property. In 2026, MGM still manages all day-to-day operations, including the casino, hotel, and the famous fountains, while paying rent to the Blackstone-led joint venture. In 2023, the ownership structure shifted slightly when Reality Income Corp acquired a 21.9% stake in the joint venture from Blackstone, but Blackstone remains the majority owner and primary landlord of the iconic Italian-themed luxury resort.

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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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If you're short on time, here's a quick answer to your question: officially, there is only one 7-star hotel in the world, which is the Burj Al Arab in Dubai. However, a few other hotels unofficially claim this prestigious title too.

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