MGM Resorts' (MGM) Strong Q3 Results Upstaged by REIT Announcement, Says Deutsche Bank

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Go back to MGM Resorts' (MGM) Strong Q3 Results Upstaged by REIT Announcement, Says Deutsche Bank

MGM Resorts International Announces Plan to Create a REIT

October 29, 2015 7:02 AM EDT

LAS VEGAS, Oct. 29, 2015 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that it will create a controlled real estate investment trust ("REIT"), to be named MGM Growth Properties LLC (collectively with its subsidiaries, "MGP"). MGM Resorts will contribute the real estate associated with ten of its premier properties (the "Properties") and 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 confidentially submitted a draft... More