VICI’s portfolio currently consists of 28 gaming properties and approximately 17,800 hotel rooms as well as more than 200 restaurants, bars, nightclubs, and sportsbooks. The stock-for-stock transaction includes $5.7 billion of debt. MGM, which has a majority stake in MGM Growth Properties, will trouser around $4.4 billion in cash from the REIT’s sale to VICI. The REIT’s portfolio includes 12 iconic Las Vegas resorts and casino properties in other parts of the US. at the time) as the casino operator was looking to arise out of a complex Chapter 11 bankruptcy.Īs for MGM Growth Properties, it spun off from MGM Resorts International in 2016 to take real estate assets off the casino giant’s balance sheet and make it easier for it to pursue an ‘asset-light’ strategy. VICI was created in 2017 to take over the real estate assets of Caesars Entertainment, Inc. Real estate investment trust VICI Properties is set to acquire fellow REIT MGM Growth Properties in a $17.2 billion deal that will make the former one of the largest, if not the largest, landowner on the Las Vegas Strip.
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