MGM Growth Properties LLC (MGP) was a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

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

casino A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertai ...

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 global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Detroit, Mississippi, Maryland, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Pa ...

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

Vici Properties Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It own ...

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 stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

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 investment ...

and acquired

The Mirage The Mirage is a casino resort on the Las Vegas Strip in Paradise, Nevada, Paradise, Nevada, United States. It is owned by Vici Properties and operated by Hard Rock International. The 65-acre property includes a casino and 3,044 rooms. Mirage R ...

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 The Blackstone Group and operated by MGM Resorts International. It was developed by Circus Circus ...

Luxor Las Vegas Luxor Las Vegas is a 30-story casino hotel situated on the southern end of the Las Vegas Strip in Paradise, Nevada. The hotel is owned by Vici Properties and operated by MGM Resorts International and has a casino with over 2,000 slot machines a ...

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 its architectur ...

Monte Carlo Resort and Casino The Park MGM, formerly Monte Carlo Resort and Casino, is a megaresort hotel and casino on the Las Vegas Strip in Paradise, Nevada, United States. The hotel, with a height of , has 32 floors, including a casino floor with 1,400 slot machines, 6 ...

Excalibur Hotel and Casino Excalibur Hotel and Casino is a casino hotel on the Las Vegas Strip in Paradise, Nevada, in the United States. It is owned by Vici Properties and operated by MGM Resorts International. Excalibur, named for the mythical sword of King Arthur, uses ...

, The Park,

Gold Strike Tunica Gold Strike Tunica (formerly Circus Circus Tunica) is a casino hotel in Tunica Resorts, Mississippi, 20 minutes south of Memphis, Tennessee. It is owned by Vici Properties and operated by MGM Resorts International. Casino In 2008, MGM Mirage ma ...

MGM Grand Detroit The MGM Grand Detroit is one of three casino resort hotels in Detroit, Michigan, and one of four in the Detroit–Windsor area. It is owned by Vici Properties and operated by MGM Resorts International. The casino opened in its temporary location ...

, 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 Borgata Hotel Casino & Spa is a hotel, casino, and spa in Atlantic City, New Jersey. It is owned by Vici Properties and operated by MGM Resorts International. The casino hotel features 2,798 rooms and is the largest hotel in New Jersey. Borgata ...

from MGM. In September 2017, the company acquired MGM National Harbor for $1.2 billion. In July 2018, MGP bought

Northfield Park MGM Northfield Park (previously Hard Rock Rocksino Northfield Park) is a racino in Northfield, Ohio, U.S.A., a community near Cleveland. Northfield Park conducts more than 200 harness racing nights each year. It is owned by Vici Properties and op ...

, a

racino A racino is a combined race track and casino. In some cases, the gambling is limited to slot machines, but many locations are beginning to include table games such as blackjack, poker, and roulette. In 2003, Joe Bob Briggs described the econo ...

in Ohio, for $1.02 billion.

Hard Rock International Hard Rock Cafe, Inc. is a British-based multinational chain of theme restaurants, memorabilia shops, casinos and museums founded in 1971 by Isaac Tigrett and Peter Morton in London. In 1979, the cafe began covering its walls with rock and rol ...

remained as the property's manager. In January 2019, the company bought another racino,

Yonkers Raceway & Empire City Casino Yonkers Raceway & Empire City Casino, founded in 1899 as the Empire City Race Track, is a one-half-mile standardbred harness racing dirt track and slots racino located at the intersection of Central Park Avenue and Yonkers Avenue in Yonkers, New ...

, 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. The MGM Grand is the largest single hotel in the world with 6,852 rooms. It is also the third-largest hotel complex in the world by number of rooms ...

. 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 MGM Springfield is a hotel and casino complex situated in the heart of Metro Center, Springfield, Massachusetts, United States. Opening on August 24, 2018 in a block of buildings that are historically or culturally influential to Springfield, it ...

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 29th, 2022.

Properties

The properties owned by MGM Growth Properties at the time of its acquisition were: * Beau Rivage *

(50.1% stake) *

(50.1% stake) * MGM National Harbor *

MGM Northfield Park MGM Northfield Park (previously Hard Rock Rocksino Northfield Park) is a racino in Northfield, Ohio, U.S.A., a community near Cleveland. Northfield Park conducts more than 200 harness racing nights each year. It is owned by Vici Properties and ope ...

* The Park *

Park MGM The Park MGM, formerly Monte Carlo Resort and Casino, is a megaresort hotel and casino on the Las Vegas Strip in Paradise, Nevada, United States. The hotel, with a height of , has 32 floors, including a casino floor with 1,400 slot machines, 60 ...

References

External links

{{Authority control 2016 initial public offerings 2022 mergers and acquisitions American companies established in 2015 American companies disestablished in 2022 Companies based in Summerlin, Nevada Companies formerly listed on the New York Stock Exchange Defunct gambling companies Gambling companies of the United States MGM Resorts International Real estate investment trusts of the United States