MGM Resorts International is nearing an agreement to sell the MGM Grand and Mandalay Bay resorts and casinos on the Las Vegas Strip to a joint venture that includes private-equity and real-estate giant Blackstone Group Inc., according to people familiar with the matter.

Blackstone would own slightly less than half of the properties through its private real-estate investment trust, while MGM Growth Properties LLC, a public REIT, would own the remainder, the people said. The total purchase price couldn’t be learned, but the…

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