Blackstone Real Estate Income Trust plans to sell a portion of its stake in The Bellagio Las Vegas to REIT Realty Income in a deal that values the asset at $5.1 billion. The 4,000-room Bellagio is operated by MGM Resorts International under a long-term lease. Realty Income, a company that owns over 13,000 properties in the U.S. and Europe, is paying $300 million for the 22 percent stake in the casino and resort. Realty Income is also investing in a $650 million preferred equity stake in the property known for its 8.5-acre lake and fountain shows along the Las Vegas Strip.
