MGM Resorts Sells MGM Grand Las Vegas in $2.5 Billion Deal (1)

MGM Resorts International agreed to sell its flagship MGM Grand Las Vegas to a joint venture that includes Blackstone Group Inc. in a deal valued at about $2.5 billion, parting with one of its last marquee properties in the U.S. and moving closer to becoming a landless casino company.

MGM Resorts will receive $2.4 billion in cash and $85 million in equity as part of the agreement, and continue to operate the MGM Grand casino under a long-term lease, according to a statement Tuesday.

MGM Grand Las Vegas

Photographer: David Paul Morris/Bloomberg

Private equity giant Blackstone will own a 49.9% stake in the venture. Its partner, MGM ...