{"id":1004140423,"date":"2016-03-27T23:54:49","date_gmt":"2016-03-28T07:54:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004140423"},"modified":"2020-05-14T03:40:20","modified_gmt":"2020-05-14T11:40:20","slug":"mgm-resorts-pulls-trigger-on-mega-reit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/","title":{"rendered":"MGM Resorts Pulls Trigger on Mega-REIT"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"Las<\/a>

Las Vegas Strip, Nevada<\/p><\/div>\n

Las Vegas<\/strong>\u2014MGM Growth Properties LLC, MGM Resorts International<\/a>\u2019s new real estate subsidiary, filed a registration statement for an initial public offering last week. The MGM Resorts properties that will be under the new entity\u2019s ownership will comprise seven properties on the Las Vegas Strip (six resorts and an 8-acre dining and entertainment complex, The Park, set to open next month) and three regional resorts.<\/p>\n

In all, the real estate to be owned by MGM Growth Properties (MGP) will total 24,466 hotel rooms, about 2.5 million square feet of convention space, more than 100 retail outlets, more than 200 food and beverage outlets, and about 20 entertainment venues, according to the U.S. Securities and Exchange Commission<\/a> (SEC) filing. The properties in question are the Mandalay Bay, Mirage, New York-New York, Monte Carlo, Luxor, Excalibur and The Park, all in Las Vegas, and the MGM Grand Detroit; the Beau Rivage in Biloxi, Miss.; and the Gold Strike in Tunica, Miss.<\/p>\n

MGP will lease back all of the properties to MGM Resorts pursuant to a 10-year triple-net master lease agreement that will reportedly also guarantee an initial yearly income of $550 million. The SEC filing pegged the gross book value of the 10 properties at $10 billion. MGM Resorts will retain ownership of a majority of MGP, which will be set up as a REIT.<\/p>\n

Shares of MGM Growth Properties are expected to be traded on the NYSE under the symbol MGP.<\/p>\n

Renaissance Capital<\/a> estimated that the quoted amount of $100 million to be raised is \u201clikely a placeholder for an IPO that we estimate could raise $1 billion.\u201d<\/p>\n

The IPO\u2019s joint book-runners are BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Evercore ISI, Barclays, Citigroup, and Deutsche Bank Securities.<\/p>\n

The filing left the door open for MGP to expand its real estate portfolio beyond the 10 MGM properties and beyond MGM, too: \u201cWe will also actively seek to identify additional entertainment and gaming-related properties for potential acquisition from non-MGM entities\u201d that would be amenable to sale-leasebacks.<\/p>\n

Back at the end of October, MGM Resorts announced that it had confidentially submitted a Form S-11 draft registration statement to the SEC regarding the proposed IPO.<\/p>\n

Image courtesy of World Wide Gifts via Flickr<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The newly formed MGM Growth Properties REIT recently filed a registration statement for an initial public offering.<\/p>\n","protected":false},"author":882,"featured_media":1004140424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1593,21752,23891,21742,21749,15],"tags":[],"class_list":["post-1004140423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-las-vegas","category-mixed-use","category-national","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"\nMGM Resorts Pulls Trigger on Mega-REIT - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM Resorts Pulls Trigger on Mega-REIT\" \/>\n<meta property=\"og:description\" content=\"The newly formed MGM Growth Properties REIT recently filed a registration statement for an initial public offering.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-28T07:54:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T11:40:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"904\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"MGM Resorts Pulls Trigger on Mega-REIT\",\"datePublished\":\"2016-03-28T07:54:49+00:00\",\"dateModified\":\"2020-05-14T11:40:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/\"},\"wordCount\":385,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"Las Vegas\",\"Mixed Use\",\"National\",\"News\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/\",\"name\":\"MGM Resorts Pulls Trigger on Mega-REIT - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg\",\"datePublished\":\"2016-03-28T07:54:49+00:00\",\"dateModified\":\"2020-05-14T11:40:20+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg\",\"width\":1280,\"height\":904},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/mgm-resorts-pulls-trigger-on-mega-reit\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MGM Resorts Pulls Trigger on Mega-REIT\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/06\\\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/scott-baltic\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"MGM Resorts Pulls Trigger on Mega-REIT - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/","og_locale":"en_US","og_type":"article","og_title":"MGM Resorts Pulls Trigger on Mega-REIT","og_description":"The newly formed MGM Growth Properties REIT recently filed a registration statement for an initial public offering.","og_url":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-03-28T07:54:49+00:00","article_modified_time":"2020-05-14T11:40:20+00:00","og_image":[{"width":1280,"height":904,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/"},"author":{"name":"Scott Baltic","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"headline":"MGM Resorts Pulls Trigger on Mega-REIT","datePublished":"2016-03-28T07:54:49+00:00","dateModified":"2020-05-14T11:40:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/"},"wordCount":385,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg","articleSection":["Featured","Investment","Las Vegas","Mixed Use","National","News","Retail","West"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/","url":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/","name":"MGM Resorts Pulls Trigger on Mega-REIT - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg","datePublished":"2016-03-28T07:54:49+00:00","dateModified":"2020-05-14T11:40:20+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg","width":1280,"height":904},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/mgm-resorts-pulls-trigger-on-mega-reit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"MGM Resorts Pulls Trigger on Mega-REIT"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/1280px-USA_-_Nevada_-_Las_Vegas_-_Strip.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004140423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004140423"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004140423\/revisions"}],"predecessor-version":[{"id":1004441317,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004140423\/revisions\/1004441317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004140424"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004140423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004140423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004140423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}