By ELAINE EMERSON
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.
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