Simpson Thacher Represents Blackstone in $800 Million Preferred Equity Investment in CityCenter Las Vegas
Simpson Thacher represented Blackstone in connection with Realty Income Corporation’s $800 million preferred equity investment in the real estate of CityCenter, comprised of the Aria Resort & Casino and Vdara Hotel & Spa. Blackstone will retain 100% of the common equity ownership of the property, which will continue to be operated by MGM Resorts International. This represents Realty Income's second investment with Blackstone, following the successful Bellagio Las Vegas joint venture completed in 2023, which Simpson also advised Blackstone.
In conjunction with the preferred equity investment, Simpson Thacher represented Blackstone in connection with mortgage financing in excess of $3 billion.
The Simpson Thacher team included Erik Quarfordt, Davis Coen, Sam Rudik, Emily Rosenthal, Spencer Goodson; and Yael Golan (Real Estate); and Nancy Mehlman and Angela Sbano (Tax).