After placing another bad bet in Vegas, MGM Resorts is forced to say: “Bye bye, Bellagio” MGM Resorts International, a hospitality company that owns hotels on the Vegas strip, sold the famous Bellagio Hotel and Casino in Las Vegas to the private equity giant Blackstone for $4.25B (it will lease back the property). Why it’s interesting: It shows that, even though Vegas real estate can be a cash cow, it also takes some really deep pockets to weather the volatility of the strip.