CEO of Blackrock was one of the victims.
Larry Fink is the CEO of Blackrock. This was an executive of Blackstone. Very similar but very different companies often confused. If Larry Fink was shot this would be massive'r news.
Was Blackstone the one who bought a bunch of Vegas properties, or was that blackrock?
Also 86’d ceo has Jewish last name. Possible antisemitic link?
You're thinking of BlackRock.
In 2020, Blackstone acquired the real estate of MGM Grand and Mandalay Bay in Las Vegas for $4.6 billion. This was part of a sale-leaseback agreement where MGM Resorts retained ownership of the casino operations. Blackstone later sold its stake in the joint venture owning these properties to VICI Properties for $1.27 billion in cash, plus the assumption of existing debt.
Here's a more detailed breakdown:
Initial Deal:
In 2020, Blackstone's Real Estate Income Trust (BREIT) purchased the real estate assets of MGM Grand and Mandalay Bay from MGM Resorts for $4.6 billion.
Sale-Leaseback:
This was a sale-leaseback transaction, meaning MGM Resorts continued to operate the casinos at both hotels while paying rent to Blackstone.
Joint Venture:
The deal also involved a joint venture between Blackstone and MGM Growth Properties, which owned the underlying real estate.
VICI Acquisition:
In late 2022, VICI Properties, a real estate investment trust, acquired the remaining 49.9% stake in the joint venture from Blackstone for about $1.27 billion. This included the assumption of Blackstone's share of the existing property-level debt.
Blackstone's Strategy:
This sale was part of Blackstone's broader strategy to divest from assets with fixed returns and focus on those with higher growth potential, according to Financial News London.
