Blackstone to buy Bellagio in $4.25 bln sale-leaseback deal

Blackstone Real Estate Income Trust and MGM Resorts are forming a Blackstone-led joint venture to buy the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction. The deal calls for MGM Resorts to lease the property from the joint venture and continue to manage, operate and be responsible for all aspects of the Bellagio on a day-to-day basis.

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