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MGM Resorts to Sell Bellagio, Circus Circus Properties in Las Vegas

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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

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