The Bellagio transition sees that resort join many other properties on the Strip that are already structured under lease-back deal. MGM previously announced the creation of a committee that would look into its real estate to determine how to monetize it.
Both deals are expected to close by the end of the year. MGM Resorts will get a 5% ownership stake in the joint venture and about $4.2 billion in cash. MGM and the Blackstone investment group are forming a joint venture that is purchasing the Bellagio and leasing it back to an MGM subsidiary for $245 million annually. The company also sold the Bellagio for $4.25 billion. The Las Vegas-based company said it is selling the Circus Circus hotel-casino for $825 million to Treasure Island casino owner Phil Ruffin. LAS VEGAS - MGM Resorts International announced the sale Tuesday of two casinos that will significantly alter its portfolio of Las Vegas Strip properties and offer up cash.
