The Bellagio on the Las Vegas Strip is valued at $5.1 billion after Blackstone's Blackstone Real Estate Income Trust sold Realty Income 21.9% of its investment in the property for about $950 million. That is significantly more than the $4.25 billion BREIT paid for 95% of the Bellagio's real estate in 2019. The declaration on Friday puts an end to months of rumors about BREIT's intentions for the property. The real estate investment vehicle has seen investor redemptions going back to last year, which forced it to sell some holdings. These departures fueled rumors that Bellagio would be involved in a deal.