Las Vegas strip casino Bellagio was sold for $4.2 billion to Blackstone Group

One of the Las Vegas Strip’s most glamorous resorts has been sold, but it might not become evident for two to three years, if then. The Bellagio was sold for $4.2 billion to Blackstone Group, which also owns the Cosmopolitan of Las Vegas. However, the seller, MGM Resorts International, is retaining 5% ownership and will continue to operate the hotel and casino for Blackstone, meaning that nothing much figures to change in the near term. MRI’s lease is for two years, with an option for a third (and more if both want it). The “sale-­leaseback” arrangement has financial advantages that experts say will lead to more such deals in the future.