A few months after it bought the Bellagio for more than $4 billion, The Blackstone Group has partnered on a deal to acquire two other Strip properties for even more.
The New York financial giant announced Tuesday it agreed to form a joint venture with casino operator MGM Resorts International’s real estate investment trust to buy the MGM Grand and Mandalay Bay’s real estate for $4.6 billion.
The real estate trust, MGM Growth Properties, will own 50.1 percent of the joint venture, and Blackstone will own 49.9 percent.
MGM Resorts will lease back the properties and continue to operate them, as it does with the Bellagio.
This is a developing story. Check back for updates.