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MGM Resorts International is readying a joint venture of the Bellagio by selling the bulk of it to Blackstone Group for $4.25 billion, keeping a 5% stake, leasing back the property for $245 million annually and continuing all operations. MGM also is selling Circus Circus for $825 million to an affiliate of Treasure Island owner Phil Ruffin, with the sales freeing up cash to pay down debt and allow more investment in entertainment, sports betting, sports and a presence in Japan.

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