After placing another bad bet in Vegas, MGM Resorts is forced to say: “Bye bye, Bellagio”

Discussion in 'Luxury and Lifestyle' started by dealmaker, Oct 17, 2019.

  1. dealmaker

    dealmaker

    After placing another bad bet in Vegas, MGM Resorts is forced to say: “Bye bye, Bellagio”
    MGM Resorts International, a hospitality company that owns hotels on the Vegas strip, sold the famous Bellagio Hotel and Casino in Las Vegas to the private equity giant Blackstone for $4.25B (it will lease back the property). Why it’s interesting: It shows that, even though Vegas real estate can be a cash cow, it also takes some really deep pockets to weather the volatility of the strip.
     
  2. How did they mess up so badly?!
     
  3. dealmaker

    dealmaker

    Kirk Kerkorian passed away 2015...
     
  4. I had to google who that was, but suddenly it does make sense.