MGM Resorts International said on Tuesday it would sell its Bellagio and Circus ...
FILE PHOTO: People watch the dancing water fountain synchronised to music at the Bellagio Luxury Resort and Casino on the Las Vegas Strip in Las Vegas, Nevada, U.S. February 26, 2018. REUTERS/Darrin Zammit Lupi
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. The divestment come nine months after MGM, which had a long-term debt of $15 billion as of December 2018, formed a committee to evaluate its real estate portfolio amid its move to an asset-light model.
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