MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B

MGM Resorts, MGM Grand

FILE – In this Aug. 3, 2015, file photo, a man rides his bike past the MGM Grand hotel and casino in Las Vegas. Casino giant MGM Resorts International announced Thursday, May 30, 2019, it’s completing planned layoffs with 779 job cuts, mostly in Las Vegas. MGM Resorts has about 77,000 employees and is the largest employer in Nevada. (AP Photo/John Locher, File)

MGM Resorts International is selling the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture for about $2.5 billion.

The joint venture includes private-equity and real estate company Blackstone Group and MGM Growth Properties LLC. MGM Resorts anticipates cash proceeds of approximately $2.4 billion. The deal is expected to close in the first quarter.

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