Blackstone has come to an agreement to sell its 49.9% stake in two Las Vegas icons (Mandalay Bay and MGM Grand) in deal that places the property values at $5.5B.

That would make the sale one of the biggest US casino transactions this year.

Blackstone is selling both properties to Vici Properties Inc., which already owns the other 50.1% stake.

Blackstone will receive $1.27B in cash, and Vici will take on Blackstone’s $3B in debt.

The New York investment firm known as Blackstone says they will be able to use proceeds from the sale to put into higher-returning assets, including rental apartments and industrial properties.

In addition, Blackstone will build up their cash position to cover a rise in redemptions by investors in Blackstone Real Estate Income Trust.

Although they’re divesting two major Las Vegas properties, Blackstone says they are still bullish on the city.