MGM Springfield Resort Will Trade to MGM Growth for $400M
MGM Resorts International and MGM Growth Properties (MGP) have entered into a definitive agreement for MGP to purchase the real estate assets associated with MGM Springfield in Springfield, MA for $400 million. MGM Resorts will lease the property from MGP and continue to operate the property.
MGM Springfield will be added to the existing master lease between MGM Resorts and MGP, and the rent payment to MGP will increase by $30 million, of which $27 million will be base rent and $3 million will be percentage rent.
The sale is expected to close in the fourth quarter of 2021, subject to regulatory approvals and other customary closing conditions.“MGM Springfield has exhibited strong financial performance as it emerges from the pandemic, and the property delivered record Adjusted Property EBITDAR in the first quarter of 2021,” said Bill Hornbuckle, CEO and president of MGM Resorts.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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