SOLD! Bellagio Las Vegas Luxury Resort and Casino Sold To Blackstone Group From New York
Unconfirmed and unannounced but Bellagio (NASDAQ:MGM) has been SOLD to Blackstone Group (NYSE:BX) out of New York (Source: Scott Roeben @VitalVegas).
Call it the “Curse of Steve Wynn”, but ever since Steve Wynn sold all $2 Billion shares in May 2018, Las Vegas has seen a slew of unfinished projects, casino foreclosures and mega-resorts for sold. The Drew, The Fountain Bleu, The Resort World, Boyd's, The Eschelon (NASDAQ:BOYD) were all started over a decade ago with no completion date in sight for this decade. Rio sold last week and Caesar's sold their gaming portion of their business to El Dorado (NASDAQ: ERI) in cash stock swap.
The next properties to sell in Las Vegas, in no particular order, are The MGM Grand, The Mirage (another Steve Wynn properties bought by MGM), Planet Hollywood, The Cromwell, The Cosmopolitan and there are even rumors of Aria being up for sale. (Source: Scott Roeben @VitalVegas)