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The MGM Grand and Mandalay Bay have been sold, according to MGM Resorts International. The $2.5-billion deal is the 2nd major venture between MGM Resorts and Blackstone Real Estate Income Trust (BREIT) in the past 3 months. Operation of the resorts will remain in the hands of MGM Resorts International and continue as normal.

MGM announced its first joint venture with BREIT on Oct. 15, 2019, leasing the Bellagio, a Strip resort valued at $4.5 billion.