Continues the real estate/operation split MGM Growth Properties has acquired the real estate of MGM Springfield in Massachusetts from MGM Resorts International for $400 million cash. The purchase is a leaseback deal in which MGM Resorts will continue to operate the property and pay MGM Growth $30 million per year in rent. In Tuesday’s announcement,… Read more »
MGM Growth Properties, a real estate investment trust (REIT), indicated on Monday that it could be interested in acquiring another property on the Las Vegas Strip. During a third quarter earnings call, CEO James Stewart said that his company was definitely looking to expand, but only with large casino properties that would “move the needle.”… Read more »
Two more iconic properties sold MGM Resorts International announced on Tuesday that it has agreed to sell both the MGM Grand Las Vegas casino and the Mandalay Bay. The total value of the deal is approximately $4.6 billion. The sale of MGM Grand is the most heavily-covered part of the deal in MGM’s press release.… Read more »
