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Real estate investment trust
MGM Growth Properties, LLC (MGP) was a real estate investment trust based in Summerlin South, Nevada , that invested in large-scale casino properties. The company had whole or majority ownership of 15 properties, all of which were operated by MGM Resorts International . The company leased the properties to MGM Resorts via triple-net leases .[1] Vici Properties in April 2022 for $17.2 billion.
History [ edit ]
The company was formed on October 23, 2015.[1]
On April 25, 2016, the company became a public company via an initial public offering and acquired The Mirage , Mandalay Bay , Luxor Las Vegas , New York-New York Hotel and Casino , Monte Carlo Resort and Casino , Excalibur Hotel and Casino , The Park, Gold Strike Tunica , MGM Grand Detroit , and Beau Rivage from MGM Resorts International.[2] [3]
On August 1, 2016, the company acquired the real estate assets related to the Borgata Hotel Casino and Spa from MGM.[4]
In September 2017, the company acquired MGM National Harbor for $1.2 billion.[5] [6] [7]
In July 2018, MGP bought Northfield Park , a racino in Ohio, for $1.02 billion. Hard Rock International remained as the property's manager.[8] Yonkers Raceway & Empire City Casino , for $625 million, and leased it to MGM Resorts.[9] [10] [11] [12] [13]
In February 2020, MGP formed a joint venture with the Blackstone Real Estate Income Trust to own the real estate of Mandalay Bay and MGM Grand Las Vegas . The joint venture paid $2.1 billion to MGP for Mandalay Bay, and $2.4 billion to MGM Resorts for the MGM Grand. MGP took 50.1 percent ownership of the joint venture.[14] [15] [16]
In May 2021, MGP agreed to buy the real estate of MGM Springfield from MGM Resorts for $400 million. The property would be leased back to MGM Resorts for initial rent of $30 million per year.[17]
In August 2021, MGP agreed to be acquired by Vici Properties for $17.2 billion (consisting of $4.4 billion of cash, $5.7 billion of assumed debt, and the remainder in stock).[18] [19] [20]
Properties [ edit ]
The properties owned by MGM Growth Properties at the time of its acquisition were:
References [ edit ]
^ "MGM Resorts International Announces Pricing Of Initial Public Offering By MGM Growth Properties LLC" (Press release). PR Newswire . April 19, 2016.
^ Driebusch, Corrie (April 19, 2016). "MGM Growth Properties Raises $1.05 Billion in IPO" The Wall Street Journal
^ "MGM Growth Properties LLC and MGM Resorts International Complete Transactions for Acquisition of Borgata Hotel Casino & Spa" (Press release). PR Newswire . August 1, 2016.
^ "MGM Resorts International And MGM Growth Properties LLC Announce Transaction On MGM National Harbor Casino Resort" (Press release). PR Newswire . September 5, 2017.
^ Neibauer, Michael (September 5, 2017). "MGM National Harbor is changing hands — sort of — for nearly $1.2B" . American City Business Journals
^ Velotta, Richard N. (September 5, 2017). "MGM subsidiary buying Maryland casino; $1B share repurchase OK'd" . Las Vegas Review-Journal
^ Exner, Rich (July 11, 2018). "MGM Growth Properties closes $1.06 billion purchase of Hard Rock Rocksino" . The Plain Dealer .
^ Kinney, Jim (January 30, 2019). "MGM finalizes $850 million deal for Empire City Casino in Yonkers, New York" . The Republican .
^ "MGM Resorts International and MGM Growth Properties complete transaction to acquire Empire City Casino in Yonkers, New York" (Press release). MGM Resorts International. January 29, 2019 – via PR Newswire .
^ Suttell, Scott (April 1, 2019). "With deal closing, the Hard Rock Rocksino officially becomes MGM Northfield Park" . Crain Communications
^ Stutz, Howard (September 19, 2018). "MGM Resorts entering Ohio through acquisition of Hard Rock Rocksino operations" . CDC Gaming Reports .
^ "MGM Resorts International and MGM Growth Properties LLC announce agreement for Hard Rock Rocksino in Northfield, Ohio" (Press release). MGM Resorts International. September 19, 2018.
^ "MGM Resorts, MGM Growth Properties and Blackstone Real Estate Income Trust announce completion of MGP/BREIT joint venture's acquisition of the MGM Grand Las Vegas and Mandalay Bay real estate for $4.6 billion" (Press release). MGM Resorts International. February 14, 2020. Retrieved 2020-10-03 – via PR Newswire.
^ Sayre, Katherine; Gottfried, Miriam; Lombardo, Cara (January 14, 2020). "MGM Resorts Agrees to Sell MGM Grand, Mandalay Bay to Joint Venture Including Blackstone" . The Wall Street Journal . Retrieved January 14, 2020 .
^ "MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B" . Associated Press. January 14, 2020. Retrieved January 14, 2020 .
^ Kinney, Jim (May 11, 2021). "MGM sells Springfield property to real estate trust MGM Growth Properties; no impact expected on day-to-day casino operations" . MassLive . Retrieved 2021-05-12 .
^ Dave Sebastian (August 4, 2021). "Casino Owner Vici Properties to Buy MGM Growth Properties" . Wall Street Journal . Retrieved 2021-08-04 .
^ "VICI Properties Inc. Announces $17.2 Billion Strategic Acquisition of MGM Growth Properties LLC" (Press release). Vici Properties. August 4, 2021. Archived from the original on August 17, 2021. Retrieved August 5, 2021 – via MGM Growth Properties.
^ "VICI Properties Inc. Completes $17.2 Billion Strategic Acquisition of MGM Growth Properties LLC" . www.businesswire.com . 2022-04-29. Retrieved 2022-05-01 .
External links [ edit ]
R e t r i e v e d f r o m " https://en.wikipedia.org/w/index.php?title=MGM_Growth_Properties&oldid=1220562670 " C a t e g o r i e s : ● 2 0 1 6 i n i t i a l p u b l i c o f f e r i n g s ● 2 0 2 2 m e r g e r s a n d a c q u i s i t i o n s ● A m e r i c a n c o m p a n i e s e s t a b l i s h e d i n 2 0 1 5 ● A m e r i c a n c o m p a n i e s d i s e s t a b l i s h e d i n 2 0 2 2 ● C o m p a n i e s b a s e d i n S u m m e r l i n , N e v a d a ● C o m p a n i e s f o r m e r l y l i s t e d o n t h e N e w Y o r k S t o c k E x c h a n g e ● D e f u n c t g a m b l i n g c o m p a n i e s ● G a m b l i n g c o m p a n i e s o f t h e U n i t e d S t a t e s ● M G M R e s o r t s I n t e r n a t i o n a l ● R e a l e s t a t e i n v e s t m e n t t r u s t s o f t h e U n i t e d S t a t e s H i d d e n c a t e g o r i e s : ● A r t i c l e s w i t h s h o r t d e s c r i p t i o n ● S h o r t d e s c r i p t i o n m a t c h e s W i k i d a t a
● T h i s p a g e w a s l a s t e d i t e d o n 2 4 A p r i l 2 0 2 4 , a t 1 5 : 5 0 ( U T C ) . ● T e x t i s a v a i l a b l e u n d e r t h e C r e a t i v e C o m m o n s A t t r i b u t i o n - S h a r e A l i k e L i c e n s e 4 . 0 ;
a d d i t i o n a l t e r m s m a y a p p l y . B y u s i n g t h i s s i t e , y o u a g r e e t o t h e T e r m s o f U s e a n d P r i v a c y P o l i c y . W i k i p e d i a ® i s a r e g i s t e r e d t r a d e m a r k o f t h e W i k i m e d i a F o u n d a t i o n , I n c . , a n o n - p r o f i t o r g a n i z a t i o n . ● P r i v a c y p o l i c y ● A b o u t W i k i p e d i a ● D i s c l a i m e r s ● C o n t a c t W i k i p e d i a ● C o d e o f C o n d u c t ● D e v e l o p e r s ● S t a t i s t i c s ● C o o k i e s t a t e m e n t ● M o b i l e v i e w
$881 million (2019)
