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MGM Resorts to sell MGM Grand and Mandalay Bay

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FILE – In this Aug. 3, 2015, file photo, a man rides his bike past the MGM Grand hotel and casino in Las Vegas. MGM Resorts International is selling the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture for about $2.5 billion. (AP Photo/John Locher, File)

LAS VEGAS (AP) — MGM Resorts to sell MGM Grand and Mandalay Bay on the Las Vegas Strip for $2.5 billion.

MGM Resorts International is selling the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture for about $2.5 billion.

The joint venture includes private-equity and real estate company Blackstone Group and MGM Growth Properties LLC. MGM Resorts anticipates cash proceeds of approximately $2.4 billion.

The deal is expected to close in the first quarter.

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