MGP enter agreement on two properties

2018-12-26 Tag: MGP

MGP ,MGP enter agreement on two properties

MGM Resorts International and its spinoff real estate investment trust, MGM Growth Properties, announced an agreement in which MGP will pay MGM Resorts $637.5 million for the investments MGM Resorts made to reposition Park MGM and NoMad Las Vegas, according to a news release. Under the agreement, the annual rent under the master lease will increase by $50 million.

"Park MGM and NoMad Las Vegas are exciting new concepts on the Las Vegas Strip, further enhancing our already outstanding portfolio," said James Stewart, chairman and CEO of MGM Growth Properties. "MGM Resorts has invested in the significant repositioning of Park MGM and NoMad Las Vegas and we are excited to partner with MGM Resorts for these iconic assets. We intend to fund the consideration through a combination of cash and availability under our credit facility. This transaction will be immediately accretive to our AFFO and further demonstrates the power of our business model and partnership with MGM Resorts."

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