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Casino operator MGM Resorts International has agreed to sell its iconic Bellagio Las Vegas property to New York financial services firm The Blackstone Group in a $4.2 billion (€3.8bn) deal and Circus Circus Las Vegas to billionaire businessman and Treasure Island owner Phil Ruffin for $825 million (€750m).
MGM Resorts will sign a long-term lease and continue to be responsible for all operations and capital expenditures of the Bellagio, with the joint venture with Blackstone Real Estate Income Trust (BREIT) owning the property. MGM will hold a 5 per cent equity and will receive annual rent payments of $245m.
The Bellagio spreads over 77 acres of land and features a 155,000-square-foot casino and 3,900 hotel rooms among other amenities. It has been among the most popular casino resorts on the Las Vegas Strip with its iconic fountains that feature dramatic aquatic shows, and multiple other attractions.
MGM also confirmed that it has agreed to sell the Circus Circus property on the Strip, along with 19 adjoining hectares, to real estate mogul Phil Ruffin for $825 million. The Company acquired Circus Circus Las Vegas in connection with its acquisition of Mandalay Resort Group in 2005.
MGM is selling two of its Vegas properties amid preparations to bid for a casino licence in Japan that would authorize it to build a mega-resort in the country that is expected to become one of the largest gaming markets in the world. MGM has long been focusing its Japan expansion efforts on Osaka and recently reaffirmed its commitment to that city as other major casino operators have been dropping their Osaka plans in favour of other locations.
