Skip to Content

VICI buying MGM land for $17.2B, will own about 660 acres on Las Vegas Strip

<i></i><br/>

By ELAINE EMERSON

Click here for updates on this story

    LAS VEGAS, NV (KVVU) — VICI Properties Inc. will buy MGM Growth Properties LLC for $17.2 billion in a stock-for-stock transaction, the companies announced Wednesday.

The deal would allow VICI to redeem a majority of the MGP operating partnership held by MGM Resorts for $43 a share. MGM Resorts CEO Bill Hornbuckle said the transaction helps make the company “asset light.”

“As a result of these actions, we are well-positioned and remain focused on pursuing growth opportunities in our core business, with the significant financial flexibility to continue to deploy capital to maximize shareholder value,” Hornbuckle said.

Once the transaction is complete, VICI would own approximately 660 acres on the Las Vegas Strip. VICI previously announced deals with Caesars Entertainment and Las Vegas Sands, which includes Caesars Palace, The Venetian and The Palazzo and the Sands Expo.

Please note: This content carries a strict local market embargo. If you share the same market as the contributor of this article, you may not use it on any platform.

Article Topic Follows: CNN - Regional

Jump to comments ↓

CNN Newsource

BE PART OF THE CONVERSATION

KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content