Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
The Bellagio hotel in Las Vegas. Photo: George Rose/Getty Images
The Blackstone Group is in "advanced talks" to buy and lease back the Bellagio and MGM Grand Las Vegas hotels and casinos from MGM Resorts International (NYSE: MGM), per Bloomberg. No financial terms were disclosed, but an earlier Bloomberg report valued the combined properties at around $7 billion.
Why it matters: This would be Blackstone's largest bet on the Vegas strip, where it has a mixed history.
- The firm paid around $1.7 billion for the Cosmopolitan hotel and casino in 2014, and reportedly considered shopping it earlier this year with a $4 billion asking price.
- But it also was part of disastrous pre-crisis deal for Harrah's, which later became known as Caesars Entertainment.
Lotta chips: Blackstone recently closed the largest real-estate private equity fund of all time, with $20.5 billion in commitments.
The bottom line: "Property sales free up cash for casino companies to expand while letting them continue to manage their resorts," per Bloomberg.