MGM Growth Properties, LLC (MGP) was a

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

based in Summerlin South, Nevada, that invested in large-scale

casino A casino is a facility for gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shops, cruise ships, and other tourist attractions. Some casinos also host live entertainment, such as stand-up comedy, conce ...

properties. The company had whole or majority ownership of 15 properties, all of which were operated by

MGM Resorts International MGM Resorts International is an American Multinational corporation, multinational hospitality, sports and entertainment company. It operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, ...

. The company leased the properties to MGM Resorts via triple-net leases. The company was acquired by

Vici Properties Vici Properties Inc. is an American 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 bankr ...

in April 2022 for $17.2 billion.

History

The company was formed on October 23, 2015. On April 25, 2016, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

and acquired

The Mirage The Mirage is a defunct casino resort on the Las Vegas Strip in Paradise, Nevada, United States. The 65-acre property included a casino and 3,044 rooms. Mirage Resorts, Golden Nugget, Inc., led by developer Steve Wynn, purchased the future lan ...

Mandalay Bay 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 complete ...

, Luxor Las Vegas,

New York-New York Hotel and Casino New York-New York Hotel and Casino is a casino hotel on the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Vici Properties and operated by MGM Resorts International, and is designed to evoke New York City in Architecture of ...

, Monte Carlo Resort and Casino, Excalibur Hotel and Casino, The Park, Gold Strike Tunica, MGM Grand Detroit, and Beau Rivage from MGM Resorts International. On August 1, 2016, the company acquired the real estate assets related to the Borgata Hotel Casino and Spa from MGM. In September 2017, the company acquired

MGM National Harbor 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. History MG ...

for $1.2 billion. In July 2018, MGP bought Northfield Park, a

racino A racino is a combined horse racing track, or other live parimutuel betting facility, and casino. In some cases, the permitted form of casino gambling is limited to slot machines or video lottery terminals, but many locations also offer table ...

in Ohio, for $1.02 billion. Hard Rock International remained as the property's manager. In January 2019, the company bought another racino, Yonkers Raceway & Empire City Casino, for $625 million, and leased it to MGM Resorts. 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. MGM Resorts leased the property from MGM Growth for initial rent of $60 million per year. 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 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 ...

. 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. 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. In August 2021, MGP agreed to be acquired by

for $17.2 billion (consisting of $4.4 billion of cash, $5.7 billion of assumed debt, and the remainder in stock). The sale was completed on April 29, 2022.

Properties

The properties owned by MGM Growth Properties at the time of its acquisition were: * Beau Rivage * Borgata Hotel Casino and Spa * Excalibur Hotel and Casino * Gold Strike Tunica * Luxor Las Vegas *

(50.1% stake) * MGM Grand Detroit *

(50.1% stake) *

* MGM Northfield Park * MGM Springfield *

* The Park * Park MGM * Yonkers Raceway & Empire City Casino

References

External links

{{Authority control 2015 establishments in Nevada 2016 initial public offerings 2022 disestablishments in Nevada 2022 mergers and acquisitions American companies disestablished in 2022 American companies established in 2015 Companies based in Summerlin, Nevada Companies formerly listed on the New York Stock Exchange Corporate spin-offs Culture of the Las Vegas Valley Defunct companies based in Nevada Defunct financial services companies of the United States Defunct gambling companies Defunct real estate companies of the United States Entertainment companies disestablished in 2022 Entertainment companies established in 2015 Financial services companies disestablished in 2022 Financial services companies established in 2015 Gambling companies established in the 21st century Gambling companies of the United States Gambling in Nevada MGM Resorts International Real estate companies disestablished in the 21st century Real estate companies established in 2015 Real estate investment trusts of the United States