Simpson Thacher is representing Blackstone Real Estate Income Trust in connection with its acquisition of the real estate assets of the Bellagio from MGM Resorts for approximately $4.25 billion in a 95%/5% Blackstone-led joint venture. As part of the transaction, MGM will lease the property from the joint venture and continue to manage, operate and be responsible for all aspects of the property on a day-to-day basis.
The Bellagio is a 3,933 room luxury hotel and casino resort, located on the Las Vegas strip, neighboring the Blackstone-owned The Cosmopolitan of Las Vegas. The Firm also represented Blackstone in their successful acquisition of The Cosmopolitan of Las Vegas in 2014.
The Simpson Thacher team includes Erik Quarfordt, Greg Ressa, Jason Mohr, Leanne Welds, Carla Elliott and Margaret Finnegan (Real Estate); Nancy Mehlman, Sarah Katz and Edward Grais (Tax); Brian Stadler (M&A); Edgar Lewandowski, Benjamin Wells and Eva Kang (Capital Markets); and Andrew Blau and Jeanne Annarumma (Executive Compensation and Employee Benefits).