In one of the largest real estate transactions in Las Vegas history, the Bellagio was sold in late 2019 for $4.25 billion. The property was purchased by the global investment firm Blackstone Real Estate Income Trust from MGM Resorts International. This deal was a "sale-leaseback" transaction, meaning that while Blackstone now owns the physical land and the iconic buildings (including the famous fountains), MGM Resorts continues to operate the casino, hotel, and restaurants under a long-term lease agreement. As of 2026, MGM pays Blackstone approximately $245 million annually in rent. This strategy allowed MGM to "unlock" massive amounts of capital for other investments, such as their expansion into Japan and the development of their digital "BetMGM" platform. For the average guest in 2026, this change in ownership is invisible; the "Bellagio" brand, its world-class conservatory, and the legendary fountains remain under the management of the MGM team, ensuring that the luxury standards of the resort continue to define the "premium" experience on the Las Vegas Strip.