Blackstone (BX) will sell its 22% stake in the Bellagio in Las Vegas to Realty Income (O) in a deal that values the asset at $5.1B, The Wall Street Journal’s Peter Grant reports. Realty Income is paying $300M for the stake in the casino and resort, which are operated by MGM Resorts (MGM) under a long-term lease, the report says, adding that Realty Income also is investing in a $650M preferred equity stake in the property.
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