MGM Resorts shift into new company
LAS VEGAS (AP) — MGM Resorts is shifting its casino-resort real estate into a new, separate company that will lease the properties back to MGM.
The Las Vegas-based casino giant announced early Thursday it would create a real estate investment trust called MGM Growth Properties LLC that would own 10 of its properties and assume $4 billion in debt.
MGM Resorts says it will still own and operate the Bellagio, MGM Grand and Circus-Circus properties in Las Vegas and stakes in the Las Vegas Strip CityCenter, MGM China, Borgata in New Jersey and under construction Las Vegas arena.
The new company would own Mandalay Bay, The Mirage, Monte Carlo, New York-New York, Luxor, Excalibur, The Park pedestrian mall and three regional properties in Michigan and Mississippi.
MGM expects the shift to boost company value.