Blackstone Selling Stake

Blackstone Inc. ($BX@US) is selling its 49.9 percent stake in MGM Grand and Mandalay Bay in Las Vegas to Vici Properties Inc. ($VICI@US), which owns the other 50.1 percent stake. Blackstone would receive $1.27 billion in cash from the sale, bringing in a profit of $700 million for the investment management company. Earlier this year, Blackstone sold the Cosmopolitan casino for $5.65 billion. The deal values the properties at $5.5 billion.