MGM Resorts International has announced its intention to invest $110 million in renovations to the Bellagio Hotel and Casino on the Las Vegas Strip. This investment will cover all of the rooms and suites in the Spa Tower. The Spa Tower redesign will include 819 guest rooms and 104 suites, and is expected to be completed by October. This follows on from a recent remodeling of over 2,500 guest rooms in the main tower. The Spa Tower has been designed with inspiration from Lake Como in Italy, featuring sophisticated design elements, custom furnishings, art and color palettes reflecting the vibrancy of the area.
MGM operates the Bellagio, but its property assets are owned by Blackstone Real Estate Income Trust (BREIT), which is managed by private equity giant Blackstone. BREIT purchased the property for $4.25 billion in November 2019 under a sale-leaseback agreement, which is a standard practice in the gaming industry. This agreement saw MGM receive an upfront payment, which can be used for acquisitions, shareholder rewards, and debt reduction.
The Bellagio is known for its iconic fountains and is rated Five Diamond by AAA. MGM plans to continue upgrading the property, with a redesign of the Bellagio Tower’s 400 suites scheduled to be completed in 2024. These suites will be designed by the award-winning team at Champalimaud Design. The King Room will feature a palette of blues and greens, while the Two Queen Room will feature deep, calming tones with hints of gold and amber.
