New York-listed casino operator MGM Resorts International has taken the first steps in executing its new asset-light strategy with an agreement to monetize its Bellagio real estate assets alongside the sale of Circus Circus Las Vegas.
MGM has entered into a definitive agreement to form a joint venture with Blackstone Real Estate Income Trust (BREIT) that values the real estate of Bellagio at $4.25bn.
The JV will acquire the Bellagio real estate and lease it back to a [...]
