Realty Income (O) said late Monday it will make an $800 million perpetual preferred equity investment in the CityCenter Las Vegas properties, including the ARIA Resort & Casino and Vdara Hotel & Spa.
The properties are held by Blackstone Real Estate funds, which will retain full common equity, while MGM Resorts International will continue operations, the company said.
This is Realty Income's second Las Vegas collaboration with Blackstone, following the 2023 Bellagio deal, prompting the company to raise its 2025 investment outlook to over $6 billion, it added.
The deal is expected to close on Dec. 9, pending customary approvals.