Casino operator MGM Resorts International has agreed to sell its iconic Bellagio Las Vegas property and form a joint venture with Blackstone Real Estate Income Trust, in a deal worth $4.25bn (£3.30bn/€3.82bn).
Under the agreement, the joint venture will acquire the Bellagio real estate and lease it back to a subsidiary of MGM Resorts for initial annual rent of $245m.
MGM Resorts will receive a 5% equity interest in the new joint venture and cash of approximately $4.2bn. The operator said it expects the deal to go through before the end of the year, subject to certain closing conditions.
Meanwhile, MGM Resorts has entered into an agreement to sell its Circus Circus property, also in Las Vegas, for $825m to an affiliate of Treasure Island owner Phil Ruffin.
Image: Dave Warfel