Hogan Lovells advises VICI Properties Inc. on acquisition of joint venture interest from Blackstone Real Estate Income Trust, Inc.

New York, 5 December 2022 – Global law firm Hogan Lovells is advising VICI Properties Inc. (VICI Properties) on its proposed acquisition from Blackstone Real Estate Income Trust, Inc. (BREIT) of BREIT’s 49.9% interest in the joint venture that owns the MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas. VICI Properties is currently the owner of the 50.1% interest in the joint venture.

Upon completion of the transaction, VICI Properties will acquire BREIT’s interest in the joint venture for cash consideration of approximately US$1.27 billion, and will assume BREIT’s pro-rata share of the existing property-level debt, which has a principal balance of US$3 billion. Following the transaction, which is expected to close in the first quarter of 2023 (subject to customary closing conditions), VICI Properties will own 100% of the interests in the joint venture that owns the real property associated with the two casinos.

The Hogan Lovells team advising VICI Properties is led by M&A partner Stacey McEvoy and tax partner Cristina Arumi in Washington, D.C.

Key support includes capital markets partner Andy Zahn (Washington, D.C.), tax partner Josh Scala (San Francisco), and real estate partner Scott Campbell (Denver, New York); senior associates Caitlin Piper (tax), David Valk (M&A), and Josh Savage (real estate); and associates Billy Clinton (tax), Dylan Hays (tax), and Peter Lattanzio (M&A).

Hogan Lovells has recently advised VICI Properties on a number of transactions, including VICI Properties’ US$17.2bn strategic acquisition of MGM Growth Properties, which created America’s largest owner of experiential real estate. The firm also advised on VICI Properties’ approximately US$3.2bn partnership with Eldorado Resorts, Inc. related to Eldorado’s combination with Caesars Entertainment and VICI Properties’ corresponding approximately US$2.4bn equity offering, the largest REIT follow-on offering in history.

Further information on the transaction can be found here.


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