The Blackstone Group has completed its more than $4 billion purchase of the Bellagio, in what appears to be the most expensive sale ever of a Las Vegas resort.
MGM Resorts International announced Monday that its sale of the Bellagio’s real estate to a joint venture owned almost entirely by Blackstone had closed.
The Las Vegas casino operator was to receive a 5 percent ownership stake in the joint venture and around $4.2 billion in cash.
MGM has leased back the Strip property and will continue to operate it. The Bellagio has more than 3,900 rooms and 155,000 square feet of casino space.