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In This List

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Blackstone to acquire Bellagio Las Vegas real estate assets from MGM for $4.25B

Private equity giant Blackstone Group Inc.'s Blackstone Real Estate Income Trust Inc. agreed to purchase the real estate assets of The Bellagio Las Vegas from MGM Resorts International for approximately $4.25 billion, excluding closing costs, in a 95/5 joint venture with MGM.

Blackstone Real Estate Income Trust will lead the joint venture, which will lease back the property to a unit of MGM Resorts for initial annual rent of $245 million. The deal is expected to close in the fourth quarter.

MGM Resorts, which will receive a 5% equity interest in the joint venture and cash of approximately $4.2 billion, will continue to manage, operate and be responsible for all aspects of the property on a day-to-day basis.

The Bellagio luxury integrated resort is on 77 acres at the center of the Las Vegas strip and offers 3,933 hotel rooms, an approximately 155,000-square-foot gaming floor, 94,000 square feet of retail space and 200,000 square feet of meeting and ballroom space, according to a filing.

Weil Gotshal & Manges LLP was legal counsel to MGM Resorts, while PJT Advisors and J.P. Morgan served as financial advisers. Citigroup Global Markets Inc. and Morgan Stanley & Co. were financial advisers to Blackstone Real Estate Income Trust. Morgan Stanley & Co, J.P. Morgan and Citigroup Global Markets Inc. were Blackstone Real Estate Income Trust's financing advisers, while Simpson Thacher & Bartlett LLP offered legal counsel.

Separately, MGM Resorts also agreed to sell Circus Circus Las Vegas to an affiliate of Treasure Island owner Phil Ruffin for $825 million in a deal that is expected to close in the fourth quarter. The purchase price will consist of $662.5 million, paid in cash, and a $162.5 million note due 2024.

Morgan Stanley & Co. LLC and CBRE are serving as financial advisers to MGM Resorts for the Circus Circus property deal.