BREIT (Blackstone Real Estate Investment Trust) has formed a joint venture to buy out Bellagio Real Estate for $4.25 billion. The joint venture owns the property and receives rent payments. MGM Resorts will lease back the property and be responsible for all capital expenditures. Blackstone President and COO, Jon Gray, remarked his team were "big believers in MGM Resorts and Las Vegas". JP Morgan was financial advisor to MGM Resorts. Citigroup and Morgan Stanley were finanical advisors to BREIT.
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