![]() ![]() The sell-off is the latest move by MGM to bolster its balance sheet. MGM Resorts will lease back MGM Grand and Mandalay Bay and continue to operate the hotel-casinos, as it does with the Bellagio. Blackstone, which has been on a real estate buying binge in Southern Nevada for years, will own 49.9 percent of the venture. ![]() MGM’s real estate investment trust, MGM Growth Properties, will own 50.1 percent of the joint venture and said the deal values the resorts at $4.6 billion. The deal is expected to close this quarter. New York financial giant The Blackstone Group, the Bellagio’s new landlord, announced Tuesday it agreed to form a joint venture to acquire the additional MGM Resorts International properties on the Strip. (Erik Verduzco / Las Vegas Review-Journal) Grand and Mandalay Bay are getting a new landlord in a $4.6 billion deal, just a few months after the Bellagio sold for billions. MGM Grand casino-hotel in Las Vegas, Tuesday, Jan. ![]()
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