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MGM Resorts to sell land in $17.2B deal – Las Vegas, Nevada

Las Vegas, Nevada 2021-08-04 09:15:24 –

Las Vegas (KLAS) — MGM Resorts International and its real estate division, MMG Growth, have signed an agreement with VICI Properties to sell their land for $ 4.4 billion. Under this agreement, VICI owns the land, not the company.

MGM Growth owns real estate, including 12 resorts in Las Vegas and other parts of the United States.

According to a news release from MGM Resort on Wednesday, the deal estimated MGM’s growth at $ 17.2 billion, including $ 5.7 billion in debt. MGM Resorts owns approximately 1% of the VICI operating partnership, which is worth approximately $ 370 million.

“In 2016, we embarked on a journey to become an asset light. This announcement, along with the recently announced transaction between Springfield and City Center, is the culmination of these efforts and a major step forward in simplifying the corporate structure. “Reflects,” said Bill Hornbuckle, CEO. Executive and President of MGM Resorts. “As a result of these actions, we continue to focus on pursuing growth opportunities for our core businesses, with great financial flexibility to continue to develop capital to maximize shareholder value. . “

VICI’s portfolio consists of 28 gaming facilities. VICI announced a few months ago that it had partnered with another company to purchase land under Venetian, Palazzo and Sands Expo for more than $ 6 billion.

According to both companies, the deal needs to be completed in the first half of 2022.

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