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Report: Blackstone in talks to buy Bellagio, MGM Grand

Blackstone Group Inc. is in advanced talks with MGM Resorts International to buy Bellagio and MGM Grand Las Vegas casinos , Bloomberg News reported Sept. 16, citing people familiar with the matter.

The asset management company is also reportedly discussing to lease back the properties in Las Vegas.

Bloomberg noted that both the parties are yet to reach an agreement.

MGM Resorts and Blackstone declined to comment on the reported talks.

A Bloomberg report in July said MGM Resorts could get up to $4 billion from the sale of Bellagio and close to $3 billion from the sale of MGM Grand.

In January, MGM Resorts formed a committee to evaluate its real estate portfolio.

Activist investor Starboard Value LP holds 0.527% stake in the Las Vegas-based company, as of June 30.