MGM Resorts to Sell Bellagio, Circus Circus Properties in Las Vegas
MGM Resorts International said it is selling two casinos on the Las Vegas Strip, including its landmark Bellagio property, in separate real-estate deals.
The global casino giant is putting the Bellagio into a joint venture controlled by a Blackstone Group Inc. real-estate investment trust. MGM is to hold a 5% stake in the venture and $4.2 billion cash and will continue to operate the hotel and casino, which it will rent from the venture for $245 million a year. The transaction values Bellagio at $4.25 billion, the company said.
Reported by Benzinga