LAS VEGAS—MGM Resorts International said today that it will create a controlled real estate investment trust, to be named MGM Growth Properties LLC.
MGM Resorts will contribute the real estate associated with ten of its premier properties and MGM Growth Properties (MGP) will assume approximately $4 billion of debt, which is expected to be refinanced with the proceeds of debt and equity issuances. MGM Resorts also announced that it submitted a draft registration statement on Form S-11 to the SEC relating to MGP's proposed initial public offering.
The company says the new structure will allow more strategic flexibility that could improve returns.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
