MGM Resorts Sells To NY Casino Firm For Over 17 Billion Dollars?

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MGM Resorts Sells To NY Casino Firm For Over 17 Billion Dollars?

MGM Resorts Sells To NY Casino Firm For Over 17 Billion Dollars?

VICI Properties has lately emerged as the new major player in the Las Vegas Property market. With a couple of recent deals, the real estate investment trust based in New York is set to become the largest landholder on the Strip.

The latest move by the firm includes a $17.5 billion deal with the landholding affiliates of casino behemoths Caesars Entertainment and MGM Resorts International. With these new acquisitions, the VICI Properties will now own properties in 15 states. The company owns the properties but it leases them back to the casino operators.

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On Wednesday, the company announced that it will purchase the MGM Growth Properties which owns assets in 8 states. The customers, however, will not see much of a change. Per the agreement, the branding of casinos, restaurants, shops, and entertainment venues will remain the same. The MGM resorts will continue to operate the properties as if they were theirs. Once it’s finalized next summer, this will be of the largest real estate deals in Vegas history, It also includes the buyout of $5.7 billion in debt.

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MGM Resorts’ CEO, Bill Hornbuckle, noted that the deal will help unlock the true value of the real estate run by the company. Additionally, it will provide enhanced financial flexibility for MGM Resorts and increase the company’s ability to grow. CEO of VICI Properties, Ed Pitoniak, stated that the firm is happy to be able to acquire such a large-scale and high-quality property.

In the deal, VICI will acquire seven key properties previously owned by MGM resorts:

Caesars Entertainment To Sell Harrah’s Las Vegas

VICI Properties already owns Harrah’s Las Vegas and Caesars Palace.


These properties are leased to Ceasar’s Entertainment which currently operates them. The company also owns a plot of undeveloped land east of the Strip. Their current properties, including Harrah’s and Ceasars hotels, have around 17,800 hotel rooms. The acquisition of MGM Growth will add another 33,000 rooms to this number. VICI is now present in Nevada, Illinois, Indiana, Maryland, Massachusetts, Maryland, New Jersey, New York, Michigan, Missouri, Mississippi, West Virginia, Ohio, and Pennsylvania.

The company released a statement regarding the new deal. It says that, when the merger is completed, the estimated value of VICI Properties will reach $45 billion. The merger will establish the firm as the leader among the real estate investment trusts. Also, the purchase will further enhance and diversify the company’s portfolio.

Obtaining MGM Resorts Is A Big Deal For VICI and Apollo Global Management

The acquisition of MGM Growth comes on the heels of another major purchase for the company. In March, VICI and Apollo Global Management made a $6.25 billion deal that involved the acquisition of Las Vegas Sands Corp. The properties in this deal include the Venetian, Palazzo, and the Sands Expo and Convention Center. The acquisition is supposed to be done by the end of the year. Same as the MGM Resorts deal, VICI will purchase the real estate, while Apolo will continue to operate them.

Source: Casino giant MGM Resorts sells $17.2 billion worth of land to a New York-based firm.

Rich Caesar

Rich Caesar

Rich Caesar is a part time writer for the Play Slots 4 Real Money online casino reviews, gambling news and mobile casino complaints site. He grew up in Las Vegas and worked in the casino gambling business for several years. We are proud to have Rich as a part time writer on our site.


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