MGM Resorts entered into a definitive agreement to purchase Infinity World Development’s 50% interest in the massive mixed-used CityCenter complex for $2.1 billion, a price that represents an implied valuation of $5.8 billion based on net debt of $1.5 billion. MGM Resorts then plans to sell the properties to affiliates of Blackstone Real Estate Income Trust for $3.89 billion in cash, which represents a multiple of 18.1 times rent. Following the acquisition, both properties are to be leased back to MGM Resorts for initial annual rent of $215 million.