Blackstone Group Purchase Of Bellagio Closes

MGM Will Lease Back And Operate Property

Mitch Kelly
November 18, 2019 - 9:16 am

Ethan Miller/Getty Images

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LAS VEGAS, NV (BUSINESS WIRE) - Blackstone Real Estate Income Trustand  and MGM Resorts International on Monday announced the closing of the previously announced Blackstone-led joint venture with MGM Resorts to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction.

As part of the transaction, MGM Resorts has leased the property from the joint venture and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis.

The transaction was announced on October 15, 2019. MGM announced the Bellagio deal just after it said it is selling Circus Circus for $825 million to Treasure Island owner Phil Ruffin