Hotel · Las Vegas, Nevada
Bellagio Hotel and Casino
Public CMBS trusts hold $600.0M of the loan on Bellagio Hotel and Casino at 3.17% that reaches maturity on December 5, 2029, in 3 years and 1 month. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $600,000,000
- Original balance (same notes)
- $600,000,000
- Interest rate
- 3.17% fixed
- Originated
- November 15, 2019
- Maturity
- December 5, 2029
- Payments
- Interest only for the full term
- Prepayment premium ends
- June 4, 2029 (yield maintenance)
- Master servicer
- Midland Loan Services
- Originator
- Citi Real Estate Funding Inc., Morgan Stanley Bank, N.A., JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 3600 South Las Vegas Boulevard, Las Vegas, NV 89109
- Metro
- Las Vegas-Henderson-North Las Vegas, NV
- Units, rooms or beds
- 3,772
- Built
- 1997, renovated 2019
- Value at securitization
- $4.3B (Oct 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 8.80x | 6.51x |
| Occupancy | 95% | 97% |
| Net operating income | $474.1M | $728.3M |
| Debt yield | 121.4% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the GS Mortgage Securities Trust 2020-GC45 filing for the reporting period ending October 9, 2026, filed with the SEC October 22, 2026.
- Coverage down 0.25x or more from securitization
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Net operating income is 54% above the underwritten figure ($728.3M a year against $474.1M).
- Debt service coverage moved from 8.80x at securitization to 6.51x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| October 2026 | $60.0M | Current | No | 6.51x | 97% |
| September 2026 | $600.0M | Current | No | 6.70x | 97% |
| August 2026 | $600.0M | Current | No | 6.70x | 97% |
| July 2026 | $600.0M | Current | No | 6.70x | 97% |
| June 2026 | $600.0M | Current | No | 6.70x | 97% |
| May 2026 | $600.0M | Current | No | 6.70x | 97% |
| April 2026 | $600.0M | Current | No | 3.44x | 97% |
| March 2026 | $600.0M | Current | No | 3.44x | 97% |
| February 2026 | $600.0M | Current | No | 3.44x | 97% |
| January 2026 | $600.0M | Current | No | 3.74x | 96% |
| December 2025 | $600.0M | Current | No | 3.74x | 96% |
| November 2025 | $600.0M | Current | No | 3.74x | 96% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
The loan is split into 13 notes held by different trusts. Each trust reports its own piece.
Other Las Vegas-Henderson-North Las Vegas loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Grand Canal Shoppes | Las Vegas, NV | Retail | $710.0M | 3.741% | Jul 2029 | 2.98x | 85% | Current |
| Showcase I | Las Vegas, NV | Retail | $169.5M | 6.36% | Jul 2029 | 1.18x | 99% | Current |
| Galleria At Sunset | Henderson, NV | Retail | $47.6M | 8.46% | Mar 2029 | 2.05x | 100% | Current |
| Hilton Dual Brand Las Vegas | Las Vegas, NV | Hotel | $46.0M | 7.93% | Apr 2029 | n/a | n/a | Current |
| Shadow Mountain Marketplace | Las Vegas, NV | Retail | $46.0M | 5.14% | Feb 2029 | 1.39x | 94% | Current |
| Oasis Plaza | Las Vegas, NV | Mixed use | $45.0M | 6.70% | Aug 2029 | 1.33x | 93% | Current |
| Rainbow Sunset Pavilion | Las Vegas, NV | Office | $39.4M | 5.145% | Jan 2029 | 1.83x | 87% | Current |
| Solitude at Centennial | Las Vegas, NV | Multifamily | $35.5M | 3.391% | Nov 2029 | 2.78x | 94% | Current |
All loans maturing in 2029 · All Las Vegas-Henderson-North Las Vegas loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 9, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.