The Bellagio sold yesterday, as MGM has made a deal with a real estate investment trust to buy the property for $4.25 billion. In a joint news release, MGM and real estate firm Blackstone today announced the deal, which will not alter MGM’s operation of the Strip casino and resort.

Blackstone Real Estate Income Trust will own the property when the deal closes, which is expected to happen before the end of the year, according to a news release. As part of the deal, a subsidiary of MGM will sign a long-term lease and pay annual rent of $245 million. MGM will also retain a 5% ownership stake in the property, according to the release.

Once the deal closes, MGM will receive cash proceeds of about $4.2 billion. For more on how Bellagio sold visit the Las Vegas Sun.