MGM Resorts has stripped out Las Vegas property worth $5bn, selling to Blackstone and one of Donald Trump’s business partners.
Blackstone is leading a $4.25bn deal to buy the real estate assets of the Bellagio Hotel and Casino and lease them back to MGM for an initial rent of $245m a year. MGM will receive 5% of the equity in the joint venture vehicle.
Meanwhile, at the north end of the Strip, an affiliate of Treasure Island tycoon Phil Ruffin, who helped developed the Las Vegas Trump International, is buying Circus Circus for $825m.
