The Las Vegas casino real estate market can feel like a bit of musical chairs at times with properties bought and sold frequently. There have been several deals over the last few years including Bally’s purchase of the Tropicana, the Seminoles purchasing the Mirage, and now even seeing casino property being used to build a stadium for the Oakland A’s baseball team.
Another property could also be up for grabs soon. MGM Resorts operates the casino and Blackstone Inc. owns the actual land the property sits on and the building. The Las Vegas Review-Journal reported recently that Blackstone is considering selling up to 50% of its stake. The company purchased the property in 2019 for $4.3 billion and may be looking to see some benefit from that investment.
“This is not the first time we have seen Blackstone explore the opportunity or divest of assets on the Strip,” gaming industry analyst Brendan Bussmann told the Review-Journal. “We’ve seen it with Mandalay (Bay) and MGM Grand and if they do so, they are just likely looking to capitalize on their previous investment.”
Another Deal Possible for Blackstone
Recent years have seen more gaming companies shift from owning the actual casinos to solely becoming casino operators instead. MGM Resorts has moved significantly in this direction and that includes at the Bellagio. The iconic property has been featured in numerous movies and television shows since opening in 1999.
Selling at least a chunk of it would follow a trend for Blackstone recently that included selling a portion of Mandalay Bay and MGM Grand in December. That deal called for Blackstone to sell 50% interests in those properties for almost $1.3 billion to Vici Properties, actually a spin-off of Caesars Entertainment.
Vici owns casinos, hotels, racetracks, and golf courses across the country and in Canada. Interestingly, these deals feature MGM becoming an operator for a company that is part of a rival gaming operator.
“Vici, the largest landowner on the Strip, has a portfolio that includes Caesars Palace, Harrah’s and The Venetian, as well as several MGM Resorts-operated properties including Luxor, Excalibur, New York-New York and Park MGM,” the newspaper notes.
The possible Bellagio deal comes at a time when Blackstone recently agreed to sell industrial warehouse space and other properties for $3.1 billion. Most casino visitors probably don’t even realize that many of the gaming facilities along the Strip have owners other than the gaming company that’s offering all those slots, table games, and big shows.
MGM is reported to have a long-term deal in place to retain gaming operations at the property, so an immediate change in that seems unlikely even with a sale.
Jackpot Roundup
In other news, several casino players have hit some major progressive jackpots in recent weeks and one of the biggest came on July 1 at the Choctaw casino in Durant, Oklahoma. A Texas woman named Brittany Juarez was the first person to win $1 million as part of the casino’s “3 Months. 3 Millionaires.” promotion. The small business owner was thrilled with the win and what the windfall could mean for her family.
“I won’t have to see my kids struggle, but we will still be blessed,” Juarez said. “Money doesn’t make or break us because God is first.”
Congratulations to our first $1 MILLION dollar winner of the summer, Brittany, from Kaufman, Texas! Join us on Saturday, July 29 & Saturday, August 26 for two more chances to become a millionaire this summer! Learn how it can be you at, https://t.co/1CtDbZOJu9. pic.twitter.com/XbrnsWCTji
— ChoctawDurant (@ChoctawDurant) July 3, 2023
The drawing is part of Choctaw’s $6.6 Million Summer Giveaway and is the largest promotion in the property’s history. Two more million-dollar drawings are set for July 29 and Aug. 26. Guests earn entries for the $1 million giveaway by using their Reward Club cards during play.
“Tonight marks the first of three lives Choctaw Casino & Resort – Durant will change this summer in our ‘3 Months. 3 Millionaires.’ giveaway,” senior director of gaming and hospitality Jeff Penz said. “It is a fantastic feeling to give away one million dollars, and a great start to our biggest promotion ever!”
Another player cashed in recently right at the Las Vegas airport. On June 27, a lucky player scored $1.3 million on a slot machine while waiting to hop on a plane home.
The big win came on a Wheel of Fortune Triple Double Emeralds machine at Harry Reid International. The airports in Las Vegas and Reno are the only airports in the country that offer slot machines although some officials in Chicago have also floated the idea in recent years.
This becomes just the latest millionaire created from the slots based on the popular game show. Wheel of Fortune slots debuted in 1996 and have become the most successful slot brand in history, and one of the first licensed games. Manufacturer IGT has produced numerous versions of the slor and paid out more than $3 billion in jackpot prizes. MGM introduced Wheel of Fortune online casino in NJ earlier this year.
