On Thursday, casino landlord Vici Properties announced it is acquiring full ownership of MGM Grand and Mandalay Bay’s real estate, in a nearly $1.3 billion cash sale. The sale-leaseback was announced in February, following several similar deals in Las Vegas involving massive hotels on or near the Strip including Bellagio, MGM Grand, Mandalay Bay, Aria, Vdara and the Rio. The 671-room, $2.6 billion Encore Boston Harbor, located in Everett, Massachusetts, opened in June 2019. Realty Income, which boasts more than 11,700 properties owned under long-term leases, said the deal marked its first acquisition in the casino industry. Wynn, which owns Wynn Las Vegas and the Encore tower on the Strip, will continue to operate the Boston-area resort under a lease with an initial annual rent of $100 million, according to a news release. The Las Vegas-based casino operator announced Thursday that it completed the sale of land and other real estate assets of Encore Boston Harbor for $1.7 billion in cash to San Diego-based Realty Income Corp. has closed the sale-leaseback of its hotel-casino near Boston, giving the company a mountain of cash and hefty rent payments. Cannon/Las Vegas Review-Journal) Resorts Ltd. Some of the first guests gamble on the casino floor during the opening of the $2.6 billion Encore Boston Harbor in Everett, Mass.
