The physical real estate assets of the Bellagio are owned by a joint venture led by Blackstone Real Estate Income Trust and Realty Income Corporation, following a multi-billion-dollar sale-leaseback transaction. However, MGM Resorts International retains a minority equity stake in the property and holds the long-term operational license, meaning MGM continues to manage, operate, and oversee all day-to-day hospitality, gaming, and guest services at the resort under a formal lease agreement.