Blackstone selling MGM Grand and Mandalay Bay hotel stake to Vici: WSJ

Blackstone Inc.
BX,
-6.92%
is selling a 49.9% stake in MGM Grand Las Vegas and the Mandalay Bay in a $5.5 billion deal with Vici Properties Inc.
VICI,
-0.28%,
the majority owner of the two hotels, the Wall Street Journal reported Thursday. Citing people familiar with the deal, the newspaper reported that Blackstone plans to receive $1.27 billion in cash and Vici would assume $3 billion of debt for the two hotels. The deal terms value the two properties at $5.5 billion. The deal will deliver a $700 million profit to Blackstone including rent from the operator, the report said. The deal comes after Blackstone in September agreed to sell The Cosmopolitan of Las Vegas for $5.65 billion. Shares of Blackstone Group are down by 29.3% in 2022 compared to a drop of 14.4% by the S&P 500
SPX,
-0.30%.