MGM Grand Real Estate to be Acquired by Joint Venture of MGM Growth Properties and Blackstone REIT
MGM Resorts International | January 14, 2020
The Joint Venture, which will be owned 50.1% by MGP and 49.9% by BREIT, will also acquire the real estate assets of Mandalay Bay from MGP and will lease both properties to MGM Resorts for an initial rent of $292 million LAS VEGAS, Jan. 14, 2020 /PRNewswire/ -- MGM Resorts International (the "Company" or "MGM Resorts") (NYSE: MGM) today announced that it has entered into a definitive agreement pursuant to which a newly formed joint venture between MGM Growth Properties LLC ("MGP") and Blackstone Real Estate Income Trust ("BREIT") (the "Joint Venture") will acquire the MGM Grand Las Vegas real estate assets in a transaction valued at ...
MGM Resorts to Acquire Operations of the Hard Rock Rocksino in Northfield, Ohio from MGM Growth Properties for $275 million
MGM Resorts International | September 19, 2018
LAS VEGAS, Sept. 19, 2018 -- MGM Resorts International ("MGM Resorts") (NYSE: MGM) and MGM Growth Properties LLC ("MGP") (NYSE: MGP) today announced that they have entered into an agreement whereby MGM Resorts will acquire all of the operating assets of the Hard Rock Rocksino Northfield Park (the "Rocksino") from MGP and lease the real property associated with the Rocksino from a subsidiary of MGP. MGM Resorts will pay total consideration of approximately $275 million, subject to customary working capital and other adjustments. The Rocksino will be added to the existing master lease between MGM Resorts and ...
MGM Resorts International to Create REIT, MGM Growth Properties LLC (MGP)
MGM Resorts International | October 29, 2015
LAS VEGAS, Oct. 29, 2015 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that it will create a controlled real estate investment trust ("REIT"), to be named MGM Growth Properties LLC (collectively with its subsidiaries, "MGP"). MGM Resorts will contribute the real estate associated with ten of its premier properties (the "Properties") and MGP will assume approximately $4 billion of debt, which is expected to be refinanced with the proceeds of debt and equity issuances. MGM Resorts also announced that it confidentially submitted a draft registrati...
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