The legendary Bellagio officially became a property of the Blackstone Group on Monday, after the company sealed a $4.2 billion sale-leaseback deal with MGM Resorts.
On October 15, MGM and the Blackstone Group established a joint venture that would see the former have a 5% stake in the private equity company while selling the casino resort for $4.2 billion in cash. The figure reverberated in the gambling industry for being the highest selling price for a Las Vegas Strip resort.
On Monday, the two companies completed the transaction, confirming that MGM would lease back the Bellagio, paying $245 million per year.
Explaining the reason for selling one of the symbols of Las Vegas, MGM officials said that they wanted to strengthen its balance sheet. However, the gambling operator is also looking to expand in Japan, meaning it will need to invest money to get an integrated resort license in the newly developed market.
The Bellagio has been operational for over 20 years now, becoming famous for its fountain shows and sophisticated design. The venue’s casino spans 155,000 square feet, while the hotel features over 3,900 rooms.
Last month, MGM also sold Circus Circus to businessman Phil Ruffin for $825 million.
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