Blackstone Group completed its acquisition of Bellagio, a resort, luxury hotel and casino on the Las Vegas Strip in Paradise, Nevada, from MGM Resorts, an American global hospitality and entertainment company, for $4.25bn. As part of the transaction, MGM Resorts will lease the property and continue to manage, operate and be responsible for all aspects of the property on a day-to-day basis. “This transaction confirms the premium value of our owned real estate assets, highlights the unique value of Bellagio as a premier asset in gaming and solidifies our status as a premier operator of gaming and entertainment properties. We look forward to partnering with Blackstone on this asset and believe that this transaction will create significant value for our shareholders,” Jim Murren, MGM Resorts Chief Executive Officer.