Blackstone Scores $800M Las Vegas Investment From Realty Income To Boost CityCenter Real Estate

Realty Income is investing $800 million into Blackstone’s CityCenter real estate, while Blackstone keeps full ownership and MGM continues to run ARIA and Vdara.
Sign at the entrance to the Blackstone offices in Midtown Manhattan. (Photo by Erik McGregor/LightRocket via Getty Images)
Sign at the entrance to the Blackstone offices in Midtown Manhattan. (Photo by Erik McGregor/LightRocket via Getty Images)
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Deepti Sri·Stocktwits
Published Dec 01, 2025   |   4:53 PM EST
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Blackstone Real Estate said on Monday that Realty Income will invest $800 million in the real estate behind CityCenter Las Vegas, the home of the ARIA Resort & Casino and Vdara Hotel & Spa. Blackstone’s funds will continue to own the properties, which remain operated by MGM Resorts International.

Under the agreement, Blackstone will retain 100% of the common equity in the property. Realty Income’s preferred investment carries an initial unlevered return of 7.4%, with capped annual escalators beginning in year five. 

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