Realty Income Makes Massive $950 Million Bet on Bellagio Las Vegas
Realty Income Corporation has announced a $950 million investment in the Bellagio Las Vegas, valuing the property at $5.1 billion. The investment will be made through a joint venture with Blackstone Real Estate Income Trust, with Realty Income acquiring a 21.9% indirect interest in the property. The Bellagio is subject to an existing triple net lease with MGM Resorts International and features 4,000 guestrooms, gaming space, and meeting facilities. The transaction is expected to close in Q4 2023.