MGM To Sell Bellagio, Circus Circus Resorts For About $5 Billion
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MGM Resorts International said this week it would sell its Bellagio and Circus Circus resorts in Las Vegas in separate deals valued at about $5 billion, as the U.S. casino operator seeks to monetize its real estate assets and bolster its balance sheet.
Blackstone Real Estate Income Trust will acquire the Bellagio for $4.25 billion through a 95-5 joint venture with MGM and will lease it back to a unit of the casino company for an initial annual rent of $245 million.
MGM said it would sell Circus Circus Las Vegas to an affiliate of Treasure Island owner Phil Ruffin for $825 million.