Blackstone Group is selling a 22% stake in Bellagio, which is operated by MGM Resorts under a long-term lease, in a deal that values the asset at $5.1 billion, the Wall Street Journal reported on Friday.
Realty Income, which owns more than 13,000 properties in the U.S. and Europe, is paying $300 million for the 22% stake in the casino and resort, the report said.
Realty Income is also investing in a $650 million preferred equity stake in the property, according to the WSJ report.
A spokesperson for BREIT, Blackstone’s real estate investing arm, and MGM did not immediately respond to a Reuters request for comment.
Bloomberg News had in June reported that U.S. investment giant Blackstone was fielding offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas.
Blackstone had bought Bellagio from MGM for $4.25 billion in 2019.
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