MGM Growth Properties


MGM Growth Properties LLC is an real estate investment trust that invests in large-scale destination entertainment and leisure resorts. As of December 31, 2019, the company owned 13 properties, all of which were operated by MGM Resorts International, comprising 27,442 hotel rooms. The company leases the properties to MGM Resorts International via NNN leases and receives annual payments of $756.7 million. The company is organized in Delaware and headquartered in Las Vegas.

History

The company was formed on October 23, 2015.
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.
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 for $1.2 billion.
In July 2018, MGP bought Northfield Park, a racino 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.
On April 1, 2019, MGM Growth's majority owner, MGM Resorts International, bought the Rocksino'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 January 2020, MGM Resorts announced that it would sell the MGM Grand Las Vegas and Mandalay Bay to a joint venture consisting of MGM Growth Properties and The Blackstone Group. MGM would own 50.1 percent of the joint venture, and Blackstone would own the remainder. The deal is expected to be finalized during the first quarter of 2020.

Properties