(CNBC) -- MGM Resorts International announced two deals Tuesday to help monetize assets.
MGM has signed a deal to sell its Circus Circus Las Vegas property for $825 million to an affiliate of Treasure Island owner Phil Ruffin.
Separately, Blackstone Real Estate Income Trust and MGM agreed to form a joint venture to acquire MGM’s Bellagio real estate and lease it back to a MGM Resorts unit in a deal that values the property at $4.25 billion. MGM Resorts will have 5% equity in the joint venture and cash proceeds of roughly $4.2 billion once the deal closes. The MGM resorts subsidiary will pay $245 million in annual rent.
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