MGM Growth Properties, the real estate investment trust controlled by MGM Resorts International, has offered to purchase the REIT that covers a large chunk of the properties operated by Caesars Entertainment.
In a letter released on January 16, 2018, MGM Resorts Chairman Jim Murren, who is also chairman of MGM Growth Properties, proposed the buyout in which the MGM REIT would pay $19.50 a share for all outstanding shares of VICI Properties Inc.
In a statement, MGM Growth properties said there were discussions between the REITs in December and last week.
The two REITs own the land associated with some of the top casino resorts in the U.S., including Las Vegas and Atlantic City. MGM Resorts and Caesars Entertainment continue to operate the properties through a lease agreement, paying rent to the REITs.
VICI was formed as part of Caesars Entertainment’s bankruptcy reorganization.
Caesars Palace, Harrah’s Las Vegas, and Caesars Atlantic City are among nearly 20 casino properties included in VICI.
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