MGM Resorts sells Circus Circus, Bellagio on Las Vegas Strip

MGM Resorts International has announced the sale of two casinos that will significantly alter its portfolio of Las Vegas Strip properties.

The Las Vegas-based company announced it has sold the Circus Circus hotel-casino for $825 million to Treasure Island casino owner Phil Ruffin.

The company also sold the Bellagio for $4.25 billion.

MGM and the Blackstone investment group are forming a joint venture to purchase the Bellagio and lease it back to an MGM subsidiary for $245 million annually.

MGM Resorts will get a 5% ownership stake in the joint venture and about $4.2 billion in cash.

Circus Circus opened in 1968. MGM purchased it in 2005. Casino magnate Steve Wynn opened the Bellagio in 1998 but MGM took ownership in 2000 when Wynn's Mirage Resorts merged with MGM.