Weekly Real Estate News
Source: News 3 LV —
MGM Resorts has sold its real estate investment trust to another company in a deal that sends $4.4 billion in cash back to the Las Vegas-based casino operator.
Casino owner VICI Properties is acquiring all of the outstanding class A shares of MGM Growth Properties in a stock-for-stock transaction, MGM announced Wednesday.
As part of the deal, VICI will also redeem a majority of Growth Properties operating partnership units held by MGM Resorts for $43 per unit, or about $4.4 billion total.
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