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The Bellagio. Photo by Shutterstock.

LAS VEGAS—Blackstone Real Estate Income Trust has struck a joint venture deal with MGM Resorts International to acquire the Bellagio for $4.25 billion, and lease it back to a subsidiary of MGM Resorts for initial annual rent of $245 million. MGM Resorts will receive a 5% equity interest in the joint venture and $4.2 billion in cash. The transaction is expected to close in the fourth quarter of 2019, subject to certain closing conditions.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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