Blackstone Real Estate Income Trust and MGM Resorts International (NYSE:MGM) yesterday announced the closing of the previously announced 95%/5% BREIT-led joint venture with MGM Resorts to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction.
As part of the transaction, MGM Resorts has leased the property from the joint venture and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis.
The transaction was announced on October 15, 2019.
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