November 18, 2019
Weil advised MGM Resorts International in its formation of a joint venture with Blackstone Real Estate Income Trust (“BREIT”) that valued the real estate of Bellagio at $4.25 billion, which represented a purchase price multiple of 17.3x rent. In the landmark transaction for the gaming and entertainment industry, the joint venture acquired Bellagio real estate and leased it back to a subsidiary of MGM Resorts for an initial annual rent of $245 million. MGM Resorts received a 5% equity interest in the joint venture and cash of approximately $4.2 billion. The transaction closed November 18, 2019.
The Weil team that advised MGM Resorts was led by Mergers & Acquisitions partner Michael J. Aiello and included Mergers & Acquisitions partner Sachin Kohli. The team also included Real Estate partners Michael Bond, Nellie Camerik and David Herman; Tax Head Joe Pari; Executive Compensation & Benefits Head Paul Wessel; Technology & IP Transactions partner Charan Sandhu; Employment Litigation partner Gary Friedman; Real Estate associates Yelena Nersesyan, Jannelle Seales, Sam Limmer and Cynthia Resnick; Tax associate Adam Arikat; Technology & IP Transactions/Privacy associates Catherine Kim and Maryann Thompson; and Employment Litigation associate Thomas McCarthy.