Complex sentence: Bellagio has long been famous for its setting at the intersection of the three branches of the Y-shaped lake, sitting at the tip of the peninsula separating the lake's two southern arms, with the Alps visible across the lake to the north.
Split into simpler sentences: Bellagio has long been famous for its setting at the intersection of the three branches of the Y-shaped lake. Bellagio is situated at the tip of the peninsula separating the lake's two southern arms, with the Alps visible across the lake to the north.