MGM Growth Properties

Last updated
MGM Growth Properties, LLC
FoundedOctober 23, 2015;8 years ago (2015-10-23)
DefunctApril 29, 2022;23 months ago (2022-04-29)
FateAcquired by Vici Properties
Headquarters
Summerlin South, Nevada
,
United States
RevenueIncrease2.svg $881 million (2019)
Increase2.svg $275 million (2019)
Total assets Increase2.svg $11.9 billion (2019)
Total equity Increase2.svg $6.9 billion (2019)
Footnotes /references
[1]

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] The company was acquired by Vici Properties in April 2022 for $17.2 billion.

Contents

History

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] In January 2019, the company bought another racino, Yonkers Raceway & Empire City Casino, for $625 million, and leased it to MGM Resorts. [9] [10] In April 2019, MGM Resorts bought Northfield's operating business from MGM Growth for $275 million in stock, assumed control from Hard Rock, and rebranded the property as MGM Northfield Park. [11] [12] MGM Resorts leased the property from MGM Growth for initial rent of $60 million per year. [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] The sale was completed on April 29, 2022. [20]

Properties

The properties owned by MGM Growth Properties at the time of its acquisition were:

Related Research Articles

Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd, who currently serves as the company's executive chairman after retiring as CEO in January 2008.

<span class="mw-page-title-main">MGM Resorts International</span> Hotel and entertainment company

MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.

Mirage Resorts was an American company that owned and operated hotel-casinos. It was acquired by MGM Grand, Inc. in 2000, forming MGM Mirage.

<span class="mw-page-title-main">Las Vegas Strip</span> 4 mile stretch of Las Vegas Boulevard with many resorts, shows, and casinos

The Las Vegas Strip is a stretch of Las Vegas Boulevard in Clark County, Nevada, that is known for its concentration of resort hotels and casinos. The Strip, as it is known, is about 4.2 mi (6.8 km) long, and is immediately south of the Las Vegas city limits in the unincorporated towns of Paradise and Winchester, but is often referred to simply as "Las Vegas".

<span class="mw-page-title-main">Harrah's Entertainment</span> American gaming corporation

Harrah's Entertainment was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven golf courses under several brands. In 2013, it was the fourth-largest gambling company in the world, with annual revenues of $8.6 billion. It was acquired in 2020 by Eldorado Resorts, which then changed its own name to Caesars Entertainment.

<span class="mw-page-title-main">MGM Grand Las Vegas</span> Casino resort in Las Vegas, Nevada

The MGM Grand Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada. It is owned by Vici Properties and operated by MGM Resorts International. The resort was developed by Kirk Kerkorian through his company, MGM Grand, Inc. Kerkorian had previously developed another MGM Grand, opened on the Strip in 1973 and renamed Bally's in 1986.

<span class="mw-page-title-main">Mandalay Resort Group</span> American hotel and casino operator

Mandalay Resort Group was an American hotel and casino operator based in Paradise, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. In terms of market capitalization, it was one of the largest casino operators in the world. Its stock traded on the New York Stock Exchange with the ticker symbol "CIR" and "MBG".

<span class="mw-page-title-main">Mandalay Bay</span> Casino resort in Las Vegas, Nevada

Mandalay Bay is a 43-story luxury resort and casino at the south end of the Las Vegas Strip in Paradise, Nevada. It is owned by Vici Properties and operated by MGM Resorts International. It was developed by Circus Circus Enterprises and completed at a cost of $950 million. It opened on March 2, 1999, on the former site of the Hacienda hotel-casino. MGM acquired Mandalay Bay in 2005, and The Blackstone Group became a co-owner in 2020. Vici acquired MGM's ownership stake in 2022.

<span class="mw-page-title-main">Borgata</span> Hotel and casino in Atlantic city

Borgata Hotel Casino & Spa is a hotel, casino, and spa in Atlantic City, New Jersey. It is owned by Vici Properties and operated by MGM Resorts International. The casino hotel features 2,798 rooms and is the largest hotel in New Jersey. Borgata opened in July 2003 and is the top-grossing casino in Atlantic City.

<span class="mw-page-title-main">Beau Rivage (Mississippi)</span> Casino resort in Biloxi, Mississippi

Beau Rivage is a waterfront casino resort in Biloxi, Mississippi, USA. It is owned by Vici Properties and operated by MGM Resorts International. The Beau Rivage hotel is the tallest building in Mississippi. The term 'Beau Rivage' is French for 'beautiful shore'; the original, well-known hotels of that name are the Beau-Rivage Geneva and Beau-Rivage Palace, both in Francophone Switzerland.

<span class="mw-page-title-main">MGM Grand Detroit</span>

The MGM Grand Detroit is one of three casino resort hotels in Detroit, Michigan, and one of four in the Detroit–Windsor area. It is owned by Vici Properties and operated by MGM Resorts International. The casino opened in its temporary location on July 29, 1999. The permanent, luxury resort hotel opened on October 3, 2007, with a grand event which included models and celebrities including Ashanti, Kid Rock, and fireworks.

<span class="mw-page-title-main">Penn Entertainment</span> American gambling company

Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown. It also offers sports betting in 15 jurisdictions and online casino gaming in 5, under brands such as ESPN BET and theScore.

Gold Strike Tunica is a casino hotel in Tunica Resorts, Mississippi, 20 minutes south of Memphis, Tennessee. It is owned by Vici Properties and operated by Cherokee Nation Businesses.

<span class="mw-page-title-main">MGM Northfield Park</span>

MGM Northfield Park is a racino in Northfield, Ohio, U.S.A., a community near Cleveland. Northfield Park conducts more than 200 harness racing nights each year. It is owned by Vici Properties and operated by MGM Resorts International.

<span class="mw-page-title-main">Harrah's Atlantic City</span> Hotel and casino in Atlantic City, New Jersey

Harrah's Resort Atlantic City is a casino hotel in the marina district of Atlantic City, New Jersey, owned by Vici Properties and operated by Caesars Entertainment. Harrah's is one of the largest hotels in New Jersey.

<span class="mw-page-title-main">Tropicana Entertainment</span> Casino holding company in Las Vegas, Nevada

Tropicana Entertainment Inc. was a publicly traded gaming company that owned and operated casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey. and Aruba. Tropicana properties collectively had approximately 5,500 rooms, 8,000 slot positions and 270 table games. The company was based in Spring Valley, Nevada, and was majority-owned by Icahn Enterprises. The company was acquired in 2018 by Eldorado Resorts and Gaming and Leisure Properties for $1.85 billion.

Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 60 casino properties, all of which are leased to other companies.

<span class="mw-page-title-main">Caesars Entertainment</span> American gaming company

Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.

<span class="mw-page-title-main">MGM National Harbor</span> Casino in National Harbor, Maryland

MGM National Harbor is a casino hotel in National Harbor, Maryland, just outside of Washington, D.C. It opened on December 8, 2016, and cost $1.4 billion. It is owned by Vici Properties and operated by MGM Resorts International.

Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, 4 golf courses, and 38 bowling alleys around the United States and Canada.

References

  1. 1 2 3 "MGM Growth Properties LLC 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "MGM Resorts International Announces Pricing Of Initial Public Offering By MGM Growth Properties LLC" (Press release). PR Newswire. April 19, 2016.
  3. ↑ Driebusch, Corrie (April 19, 2016). "MGM Growth Properties Raises $1.05 Billion in IPO" . The Wall Street Journal .
  4. ↑ "MGM Growth Properties LLC and MGM Resorts International Complete Transactions for Acquisition of Borgata Hotel Casino & Spa" (Press release). PR Newswire. August 1, 2016.
  5. ↑ "MGM Resorts International And MGM Growth Properties LLC Announce Transaction On MGM National Harbor Casino Resort" (Press release). PR Newswire. September 5, 2017.
  6. ↑ Neibauer, Michael (September 5, 2017). "MGM National Harbor is changing hands — sort of — for nearly $1.2B". American City Business Journals .
  7. ↑ Velotta, Richard N. (September 5, 2017). "MGM subsidiary buying Maryland casino; $1B share repurchase OK'd". Las Vegas Review-Journal .
  8. ↑ Exner, Rich (July 11, 2018). "MGM Growth Properties closes $1.06 billion purchase of Hard Rock Rocksino". The Plain Dealer.
  9. ↑ Kinney, Jim (January 30, 2019). "MGM finalizes $850 million deal for Empire City Casino in Yonkers, New York". The Republican.
  10. ↑ "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.
  11. ↑ Suttell, Scott (April 1, 2019). "With deal closing, the Hard Rock Rocksino officially becomes MGM Northfield Park". Crain Communications .
  12. ↑ Stutz, Howard (September 19, 2018). "MGM Resorts entering Ohio through acquisition of Hard Rock Rocksino operations". CDC Gaming Reports.
  13. ↑ "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.
  14. ↑ "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.
  15. ↑ 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.
  16. ↑ "MGM Resorts selling MGM Grand, Mandalay Bay for about $2.5B". Associated Press. January 14, 2020. Retrieved January 14, 2020.
  17. ↑ 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.
  18. ↑ Dave Sebastian (August 4, 2021). "Casino Owner Vici Properties to Buy MGM Growth Properties". Wall Street Journal. Retrieved 2021-08-04.
  19. ↑ "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.
  20. ↑ "VICI Properties Inc. Completes $17.2 Billion Strategic Acquisition of MGM Growth Properties LLC". www.businesswire.com. 2022-04-29. Retrieved 2022-05-01.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.