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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

Go deeper

School principals are not OK

Principal Alice Hom (purple jacket) of New York's Yung Wing School P.S. 124 near a vaccination van in November. Photo: Michael Loccisano/Getty Images

The overwhelming majority of secondary school principals experienced frequent stress last school year, according to a RAND Corporation report out Wednesday.

The big picture: The stress levels among female principals and principals of color were especially stark, with nearly 40% in these groups reporting constant job-related stress, compared to about 24% of male principals and 26% of white principals.

It's official: Stock market having worst start to year ever

Data: FactSet; Chart: Axios Visuals

It's been a decidedly ugly start to the year for the stock market, with particular pain in the tech trade.

State of play: As of the end of trading Tuesday — the 16th session of the year — 2022 is now, officially, the worst-ever start in the history of the S&P 500, according to data from Ned Davis Research, a stock market research shop.

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.

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