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MGM Resorts to sell MGM Grand, Mandalay Bay for $2.5 billion |

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MGM Resorts to sell MGM Grand, Mandalay Bay for $2.5 billion

LAS VEGAS (KLAS) — MGM Resorts is reportedly selling MGM Grand and Mandalay Bay on the Las Vegas Strip for $2.5 billion.

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

This is another lease-back deals, 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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