Cosmopolitan Owner Buys the Bellagio in a Leaseback Deal

BELLAGIO — Blackstone Real Estate Income Trust acquired the real estate assets of the Bellagio from MGM Resorts International inn a $4.25 billion sale and leaseback agreement. A new joint venture between the two gives Blackstone a 95 percent interest in the joint venture, which should be complete by the end of the year. MGM Resorts will lease the property from the joint venture for an “initial” annual rent of $245 million and continue to manage, operate, and be responsible for the resort’s daily operations. The Las Vegas Review-Journal reports that “MGM has a 30-year lease with two 10-year extension options.” Blackstone also owns the Cosmopolitan of Las Vegas, a $1.7 billion transaction, as well at the 68-acre Hughes Center office park, purchased for $347 million, and downtown’s 5.4 million-square-foot World Market Center furniture-showroom. Former casino mogul Steve Wynn built the Bellagio in 1998 and sold it to MGM Resorts, along with other of Wynn’s Mirage Resorts holdings, for $4.4 billion in 2000. [EaterWire/LVRJ]

CIRCUS CIRCUS — MGM Resorts finalized a deal to sell the family-friendly resort at the north end of the Strip to Treasure Island owner Phil Ruffin for $825 million. [LVRJ]

SUMMERLIN — Retro Bakery makes the move after 12 years in Centennial to 10217 W. Charleston Blvd. on Nov. 30. Aside from a roster of cupcakes such as Hopscotch, milk and cookies, and Red Carpet, the new location plans to serve frozen yogurt as well. [Facebook]

VILLAGE SQUARE — Rocket Fizz, the vintage candy and soda store, is going out of business. Everything at the store is discounted to move out the remaining inventory. [Eater Vegas Tipline]

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