MGM Growth Properties
| File:MGM Growth Properties logo.png | |
| Founded | October 23, 2015 |
|---|---|
| Defunct | Template:End date and age |
| Fate | Purchased by Vici Properties |
| Headquarters | , United States |
| Revenue |  $881 million (2019) |
| $275 million (2019) | |
| Total assets | $11.9 billion (2019) |
| Total equity | $6.9 billion (2019) |
MGM Growth Properties, LLC (MGP) was a real estate investment trust based in Summerlin South, Nevada, concentrating on substantial casino real estate holdings. The company owned 15 properties, all managed by MGM Resorts International under triple-net lease contracts.[1] In April 2022, MGP was acquired by Vici Properties in a deal valued at $17.2 billion.
History
MGP was established on October 23, 2015,[1] and launched its initial public offering on April 25, 2016. Upon going public, it secured ownership of prominent casino assets such as The Mirage, Mandalay Bay, Luxor Las Vegas, New York-New York Hotel and Casino, Monte Carlo Resort and Casino, Excalibur Hotel and Casino, The Park, Gold Strike Tunica, MGM Grand Detroit, and Beau Rivage from MGM Resorts International.[2]
The portfolio expanded on August 1, 2016, with the acquisition of the real estate for the Borgata Hotel Casino and Spa.[3]
In September 2017, MGP added MGM National Harbor to its holdings for $1.2 billion,[4] followed by acquiring Northfield Park racino in Ohio in July 2018 for $1.02 billion, while retaining Hard Rock International as the property's manager.[5] January 2019 saw MGP purchase Yonkers Raceway & Empire City Casino for $625 million, subsequently leasing it back to MGM Resorts.[6] Later that April, MGM Resorts bought Northfield’s operational business from MGP for $275 million in stock, rebranding it as MGM Northfield Park and leasing it back at an annual rent of $60 million.[7]
In February 2020, MGP entered into a joint venture with Blackstone Real Estate Income Trust (BREIT), transferring Mandalay Bay’s real estate from MGP for $2.1 billion and acquiring MGM Grand Las Vegas’ real estate from MGM Resorts for $2.4 billion; MGP maintained a controlling interest with a 50.1% share.[8]
May 2021 marked the acquisition of MGM Springfield real estate from MGM Resorts by MGP for $400 million, with an initial annual lease payment of $30 million.[9]
By August 2021, MGP consented to be purchased by Vici Properties in a transaction totaling $17.2 billion involving cash payment, debt assumption, and stock issuance.[10] This acquisition was finalized on April 29, 2022.[11]
Properties
Prior to its acquisition, MGM Growth Properties held ownership of significant casino and hotel real estate assets including:
- Beau Rivage
- Borgata Hotel Casino and Spa
- Excalibur Hotel and Casino
- Gold Strike Tunica
- Luxor Las Vegas
- Mandalay Bay (majority interest at 50.1%)
- MGM Grand Detroit
- MGM Grand Las Vegas (50.1% ownership)
- MGM National Harbor
- MGM Northfield Park
- MGM Springfield
- The Mirage
- New York-New York Hotel and Casino
- The Park
- Park MGM
- Yonkers Raceway & Empire City Casino