Who did MGM sell Bellagio to?

MGM Resorts, which sold a 95 percent stake in the real estate of Bellagio to New York-based Blackstone's real estate investment trust in 2019 for $4.25 billion, retained the operations under a long-term lease agreement for $245 million in annual rent.



In a landmark real estate deal in late 2019, MGM Resorts sold the Bellagio to Blackstone Real Estate Income Trust (BREIT) for approximately $4.25 billion. This was part of MGM's broader "asset-light" strategy, where the company sought to monetize its massive real-estate holdings while maintaining the rights to operate the actual business. Following the sale, MGM entered into a long-term lease agreement with Blackstone to continue managing and operating the resort. Essentially, Blackstone owns the land and the buildings, while MGM Resorts owns the brand and runs the hotel and casino. This allows MGM to use the $4.25 billion in liquidity to invest in new ventures, such as digital sports betting and its resort development in Japan, while paying an annual rent to Blackstone. In 2026, this remains one of the most successful examples of a sale-leaseback transaction in the hospitality industry, ensuring the iconic "Fountains of Bellagio" continue to run under MGM's management despite the change in property ownership.

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The Bellagio Hotel was conceived by casino owner Steve Wynn, who wanted to create a resort inspired by the village of Bellagio, located near Lake Como, Italy. He bought the site of the former Dunes hotel and casino in 1993 for $75 million and demolished it in 1994.

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Another available example, the Las Vegas Bellagio, has a daily revenue of $1.27 million. It is worth noting that these are peak figures among casinos, less popular casinos have revenues that are in the thousands of dollars rather than millions.

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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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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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Caesars Palace is now owned by Vici Properties and operated by Caesars Entertainment.

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Institutional Ownership and Shareholders These institutions hold a total of 275,691,122 shares. Largest shareholders include Vanguard Group Inc, BlackRock Inc., T. Rowe Price Investment Management, Inc., State Street Corp, Davis Selected Advisers, RPMGX - T.

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The Bellagio Buffet had previously reopened for brunch in July 2021. The Buffet will be open for dinner Wednesday – Sunday from 5 p.m. – 9 p.m. For pricing and more information, visit Bellagio online. Prices for the Buffet range from $66 to $79.99 plus tax depending on the day. Copyright 2023 Nexstar Media Inc.

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