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ANNUAL REPORT

ANNUAL REPORT

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a subsidiary of BREIT (such venture, the “MGP BREIT Venture”), we lease the real estate assets of Mandalay Bay and MGM Grand Las Vegas. Refer to Note 11 for further discussion of the leases. Business Developments In August 2016, we acquired the remaining 50% ownership interest in Borgata, at which time Borgata became a wholly owned

  Mandalay, Mandalay bay

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