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MGM Resorts International on Tuesday announced it will sell its Bellagio Hotel and Casino in Las Vegas to the Blackstone Group, and then lease back the property, in a $4.25 billion deal. 

By the numbers: It also agreed to an $825 million sale for Circus Circus with real estate mogul Phil Ruffin.

The bottom line: MGM has been under investor pressure to cut its debt, although earlier reports suggested that its Blackstone talks were for a larger deal that also would have included MGM Grand Las Vegas.

Go deeper... Earlier: Blackstone prepares to bet again on Vegas

MGM agrees to sell Bellagio for $4.25 billion

Blackstone bets again on Vegas, but the deal is smaller than initially anticipated.

Business

Private equity

MGM Resorts International on Tuesday announced it will sell its Bellagio Hotel and Casino in Las Vegas to the Blackstone Group, and then lease back the property, in a $4.25 billion deal. By the numbers: It also agreed to an $825 million sale for Circus Circus with real estate mogul Phil Ruffin.