MGM Resorts International sold the real estate assets of the Bellagio in 2019, but they did not sell the "operation" of the resort. In a massive $4.25 billion "sale-leaseback" transaction, the land and buildings were acquired by Blackstone Real Estate Income Trust (BREIT), with MGM retaining a 5% equity stake in the joint venture. In 2026, the arrangement remains the same: Blackstone owns the physical property, while MGM Resorts continues to manage and operate the hotel, casino, and Fountains of Bellagio under a long-term lease. This means that for a guest, nothing has changed; the staff are MGM employees, and the property is still part of the MGM Collection/Marriott Bonvoy partnership. This financial strategy, known as an "asset-light" model, allowed MGM to unlock billions in capital to reinvest in other ventures (like sports betting and international expansions in Japan) while maintaining control over the iconic brand and daily guest experience. So, while MGM no longer "owns" the dirt or the concrete, they very much still "run" the Bellagio.