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29

MGM Resorts Moves to Create REIT

By Tony Seruga

Engage with a national audience at these upcoming events: RealShare INDUSTRIAL in Atlanta on Nov 3-4,RealShare NEW LEASE WEST in Los Angeles on Nov 11-12 and RealShare HEALTHCARE REAL ESTATE in Scottsdale, AZ on Dec 2-3.

Mandalay Bay is one of seven Vegas casinos that MGM Resorts will contribute to the new REIT.

LAS VEGASMGM Resorts International said Thursday it would create a REIT and contribute 10 of its casino resorts to the new entity, which it would then lease back. To be known as MGM Growth Properties LLC, the REIT will trade separately on the New York Stock Exchange and will assume about $4 billion of MGM Resorts debt that’s expected to be refinanced with proceeds from debt and equity offerings.

Included in the MGP portfolio will be sevenLAS VEGASproperties—Mandalay Bay, the Mirage, Monte Carlo, New York-New York, Luxor, Excalibur and the Park—along with two in Mississippi and one in Detroit. Not included will be MGM Resorts’ Bellagio andMGM GRAND LAS VEGAS flagship properties…

MGM Resorts Moves to Create REIT

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