MGM sells stakes in MGM Grand and Mandalay Bay casinos

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Filming for the Las Vegas Music Festival

MGM Resorts International is selling the property assets of the MGM Grand and Mandalay Bay casinos on the Las Vegas Strip to a joint venture for approximately $ 4.6 billion.

The joint venture includes the private equity and real estate company Blackstone Group and MGM Growth Properties LLC. The new company will be 50.1% owned by MGM Growth Properties and 49.9% by Blackstone, and will lease both properties for an initial rental of $ 292 million to MGM Resorts.

Mandalay Bay was the place of one October 2017 filming that killed 58 people. It is the deadliest mass shooter in modern U.S. history.

MGM Resorts in October 2019 agreed to pay up to $ 800 million as compensation for the victims of the shootout and their families. The settlement creates the third largest victim compensation fund in US history, according to the Associated Press. He quotes Kenneth Feinberg, who oversaw the multi-billion dollar compensation process following the September 11 attacks and BP's oil spill.

Filming in Las Vegas, which killed 58 people and injured hundreds, took place during an outdoor music festival. Gunner Stephen Craig Paddock killed himself in a hotel room in Mandalay Bay. Authorities later found assault weapons, hundreds of rounds of ammunition, and stockpiles that would allow a user to quickly fire a weapon.

MGM Resorts recently announced it would sell the Bellagio casino's property to a joint venture with Blackstone for approximately $ 4.25 billion. Last month, MGM Resorts announced that the sale of Circus Circus Las Vegas and the adjacent 37 hectares was completed for $ 825 million.

The MGM Grand and Mandalay Bay deal announced on Tuesday is expected to close in the first quarter.