Mar
28
MGM Resorts Pulls Trigger on Mega-REIT
ByThe newly formed MGM Growth Properties REIT recently filed a registration statement for an initial public offering.
Las Vegas Strip, Nevada
Las Vegas—MGM Growth Properties LLC, MGM Resorts International’s new real estate subsidiary, filed a registration statement for an initial public offering last week. The MGM Resorts properties that will be under the new entity’s ownership will comprise seven properties on the Las Vegas Strip (six resorts and an 8-acre dining and entertainment complex, The Park, set to open next month) and three regional resorts.
In all, the real estate to be owned by MGM Growth Properties (MGP) will total 24,466 hotel rooms, about 2.5 million square feet of convention space, more than 100 retail outlets, more than 200 food and beverage outlets, and about 20 entertainment venues, according to the U.S. Securities and Exchange Commission (SEC) filing. The properties in question are the Mandalay Bay, Mirage, New York-New York, Monte Carlo, Luxor, Excalibur and The Park, all in Las Vegas, and the MGM Grand Detroit; the Beau Rivage in Biloxi, Miss.; and the Gold Strike in Tunica, Miss…
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