Who owns Bellagio Las Vegas Joint Venture (common equity)

Bellagio Las Vegas Joint Venture (common equity) - Profile

This venture holds the land and buildings of the Bellagio hotel and casino at 3600 South Las Vegas Boulevard on the Las Vegas Strip, a 77 acre resort that opened in October 1998 with 3,933 rooms in two towers, a casino of about 156,000 square feet, the Fountains of Bellagio on an 8.5 acre lake, a seasonal conservatory and a fine art gallery. It was created in November 2019 when MGM Resorts sold the property company to a newly formed vehicle sponsored by Blackstone Real Estate Income Trust for 4.25 billion dollars, taking a 5 percent stake in the venture as part of the price, and leased the resort straight back on a triple net lease with an initial thirty year term, two ten year extension options and starting rent of 245 million dollars a year that escalates annually. The venture owns only the real estate: MGM continues to operate the casino, hotel and restaurants and pays the property's taxes, insurance and maintenance. It carried about 3.0 billion dollars of non recourse property debt.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Realty Income Corporation, as of 30 Jun 2026. Preferred equity interest in the same Bellagio Las Vegas joint venture as the common equity row above, carrying amount unchanged at $650,000,000 at both 30 Jun 2026 and 31 Dec 2025. Earns an 8.1% preferential cumulative distribution ($26.1 million recognized in each of the six-month periods ended 30 Jun 2026 and 2025), which the filing books as 'interest and dividend income on loans and preferred equity investments' in the income statement. Despite that income-statement label, the balance itself sits inside 'Investment in unconsolidated entities' on the balance sheet under equity-method accounting (Note 4), not inside Note 5 'Investments in Loans and Financing Receivables' where Realty Income's actual loan book is disclosed. Recorded here as an equity holding on the filing's own balance-sheet classification, per the brief's instruction that a loan or mortgage receivable (not this) is excluded, while a preferred-equity investment the filing itself treats as equity is not automatically a loan. The unconsolidated entity had total debt outstanding of $3.0 billion as of 30 Jun 2026, non-recourse to Realty Income with limited customary exceptions. sourcesource 2
• Realty Income Corporation, as of 30 Jun 2026. Carrying amount of Realty Income's 21.9% common equity interest in the joint venture that owns the Bellagio Las Vegas real estate, as of 30 Jun 2026 ($242,877,000, down from $253,625,000 at 31 Dec 2025 per the FY2025 10-K, same named entity). The filing does not name the venture's other equity holder(s). Reported by Realty Income as a separate line item from the preferred equity interest in the same venture (recorded below as its own holding), because the filing itself splits common and preferred equity into two rows with different ownership disclosure (a common percentage versus 'n/a' for preferred). sourcesource 2