MGM agrees to sell Bellagio for $4.25 billion
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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