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MGM agrees to sell Bellagio for $4.25 billion

Photo: George Rose/Getty Images

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