MGM Resorts to sell MGM Grand, Mandalay Bay for $4.6 billion

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The logo for MGM Macau casino resort, operated by MGM China Holdings Ltd., is displayed on a glass door in Macau, China, on Tuesday, Feb. 18, 2014. MGM China, controlled by MGM Resorts International, is scheduled to report full-year earnings on Feb. 19. Photographer: Brent Lewin/Bloomberg via Getty Images

LAS VEGAS (KLAS) — MGM Resorts is reportedly selling MGM Grand and Mandalay Bay on the Las Vegas Strip for $4.6 billion.

The resorts will be owned jointly by real estate giant Blackstone Group and MGM Growth Properties.

This is another lease-back deal, where MGM Resorts will pay Blackstone to continue to operate the resorts.

It is similar to a deal back in October when MGM Resorts sold the Bellagio to Blackstone for $4.25 billion.

At the same time, MGM also sold Circus Circus to Treasure Island owner Phil Ruffin for $825 million.

This is a developing story. Please check back for updates.

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