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.