Bloomberg Sources: Bellagio and MGM Grand sale may be in the works

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LAS VEGAS (KLAS) — Two iconic Vegas casinos and resorts reportedly may be sold to investment firm Blackstone Group Inc. The firm is in talks with MGM Resorts International to buy and lease back the Bellagio and MGM Las Vegas, sources with knowledge of the matter told Bloomberg.

The sources, who wished to remain anonymous due to the private nature of the matter, told the news agency both companies have yet to reach an agreement and one may not be reached at all. Details of the deal remain unclear.

Representatives from either company declined to comment.

If a deal is reached, Bloomberg gaming analyst Brian Egger says it could raise $6.5 to $7 billion for a $10 billion resort in Osaka, Japan. MGM will compete for a license.

MGM owns 30 properties worldwide, including 14 in Las Vegas.

Blackstone just closed a major, $4.7 billion deal in Europe, adding new properties in Germany and The Netherlands to its portfolio.

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