Big Law
Vici Properties Becomes the Las Vegas Strip’s Largest Landowner After a $17.2 Billion MGM Acquisition
Real estate investment trust Vici Properties is acquiring MGM Growth Properties in a $17.2 billion deal that will likely make the casino owner the largest landowner on the Las Vegas Strip.
MGM Resorts International, which owns the majority stake in MGM Growth Properties, will receive about $4.4 billion in cash in the deal. The transaction includes $5.7 billion in debt.
MGM Resorts has been selling off its real estate assets in recent years, and it spun off MGM Growth Properties in 2016. Its portfolio includes Mandalay Bay and the MGM Grand Las Vegas.
All together, Vici will gain 15 entertainment properties in the deal, significantly expanding its geographic footprint, but keeping its focus on the casino industry.
