💰 Casino Giant MGM Looking to Sell More Las Vegas Strip Real Estate - WSJ

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The company reported a quarterly loss due in part to an impairment charge related to its sale of Circus Circus.


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Real Estate Finance.{/INSERTKEYS}{/PARAGRAPH} Blackstone in turn has tried to persuade the banks that the deal features a solid tenant — MGM — that will pay rent without issue. {PARAGRAPH}{INSERTKEYS}Subscriber Account active since. In the last six months, the private equity firm doubled down on casinos. But with the lights shut off across Sin City due to a state order in response to the coronavirus pandemic, Blackstone can't make money from its crown jewel, the Cosmopolitan, though it can still collect rent from the others, for the foreseeable future. Close icon Two crossed lines that form an 'X'. Join BI Prime and start reading now. Account icon An icon in the shape of a person's head and shoulders. Click here for more BI Prime stories. Now the Cosmopolitan could be one of the last big assets left in the fund, which closed in The coronavirus has stalled deals across industries as private equity companies puzzle over valuations and figure out financing options as the debt market cools. The MGM deals in the last year are rent plays, because Blackstone's income comes from MGM's rent payments, not from a slice of any casino revenue. Meghan Morris. Despite the dark backdrop, the private-equity giant has an income stream even as the casinos are closed: hundreds of millions in guaranteed annual rent from MGM Resorts for three of the four casinos Blackstone owns in Vegas, including from a two-casino partnership with MGM's real-estate business. Blackstone's first casino bet came in spring , as it was ramping up exposure to Sin City across property types. Blackstone has bet big on Las Vegas, snapping up four casinos in the last five years. MGM has worked to reduce debt in recent years, and the company added billions to its balance sheet after selling a number of casinos in the last year, including the trio in the Blackstone deals. As of right now, could there be a discount that causes those lenders to move this stuff? The private-equity giant bet on four casinos as part of a simple investing thesis that extended to strategies beyond real estate: people would pay to get out of the house for entertainment. Despite a pause in operations for the foreseeable future, the company has about 10 months of liquidity, so it should be able to make rent, Deutsche's Santarelli said. If that's the case, casinos may need government support. Tyler Henritze, Blackstone's head of Americas acquisitions, told Business Insider that the private-equity giant is still optimistic about Las Vegas in general, where it owns apartments, logistics centers, and other buildings in addition to the casinos. Right now, the outlook for casinos, much like that for cruise companies, is a tougher than expected, with demand eventually picking up in the third quarter. Now, all of the casinos are temporarily closed — but the private-equity giant should still make money from rent on three of the properties. Even while its casinos aren't operating, MGM is still on the hook for rent for all three properties. It often indicates a user profile. He thinks the banks will still be able to shift some of the debt. World globe An icon of the world globe, indicating different international options. Login Subscribe Subscribe. Blackstone's most recent casino deal is facing an even shorter-term issue. It indicates a way to close an interaction, or dismiss a notification. Carlo Santarelli, an analyst with Deutsche Bank, said that like modeling cruise companies' outlook, much of the future for casinos and their landlords depends on when the coronavirus pandemic ends. A leading-edge research firm focused on digital transformation. I think so. Santarelli said the EBITDA-rent ratio will likewise likely go below its stipulated threshold, perhaps triggering the two-year rent agreement. These discussions shift the spotlight from the private-equity giant to its underlying tenant and the banks that now hold debt they planned to offload. Unlike the Blackstone fund used to buy the Cosmopolitan, BREIT takes money from everyday investors, not big institutions, and invests in lower-risk, longer-term strategies. The CMBS plans were shelved, so the banks are holding onto the debt until they find demand. This story is available exclusively on Business Insider Prime. Santarelli highlighted one aspect of the Bellagio deal that was "a little unique" for casinos. In the first year Blackstone owned the Cosmopolitan, the private-equity firm cut expenses significantly. Business Insider logo The words "Business Insider". Blackstone executives have worked to persuade the banks that MGM is in good shape to pay rent. David Blatt, founder of real estate investment bank CapStack, said he talked with a firm that considered taking a chunk of the debt but ultimately passed. In past market blips, Blackstone hasn't offloaded trophy assets like the Cosmopolitan at a discount, and real estate insiders expect the company to hold onto the property until it can strike a good deal. BI Prime. That's going to go a long way towards how much these rent streams and the liquidity of the operator are tested," he told Business Insider. All deals involve some travel, also made impossible for the short term, but the hiatus is especially tricky for real estate deals, which include walk-through property tours to assess what photos and videos can't show.