National + Hospitality | May 2, 2022

VICI's acquisition of MGM Growth Properties includes a 50% joint vetnure interest in the MGM Grand and Mandalay Bay real estate

VICI Finalizes $17B Acquisition of MGM Growth Properties

Experiential REIT VICI Properties Inc. has closed on its $17.2-billion acquisition of MGM Growth Properties (MGP), first announced last August. The merger gives VICI an estimated enterprise value of approximately $44 billion.

Simultaneous with closing the MGP acquisition, VICI entered into an amended and restated triple-net master lease with MGM Resorts International. It’s also retaining MGP’s 50.1% ownership stake in the joint venture between MGP and Blackstone Real Estate Income Trust, Inc., which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay.

“The team at VICI has worked collaboratively with MGM to help us unlock significant value from the underlying real estate of our assets,” said Bill Hornbuckle, CEO of MGM Resorts. “We look forward to continuing our long-term partnership with VICI.”

Separately, VICI said it had completed a $5-billion offering of senior unsecured notes to help finance the MGP acquisition.

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About Paul Bubny

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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