MGM Resorts International (NYSE: MGM) said it has agreed to form a joint venture with Blackstone Real Estate Income Trust (BREIT) that will acquire MGM’s Bellagio real estate assets. MGM will receive a 5% stake in the joint venture and cash of approximately $4.2 billion. MGM Resorts is a tenant of MGM Growth Properties LLC (NYSE: MGP). The joint venture will lease the Bellagio assets back to a subsidiary of MGM Resorts for an initial annual rent of $245 million.