Casino operator MGM Resorts said on Wednesday it had agreed to sell its majority stake in MGM Growth Properties to VICI Properties Inc for $4.4 billion.
MGM Growth owns a portfolio of properties that consists of 12 resorts in Las Vegas and elsewhere in the United States.
VICI’s stock offer of $43 per share represents a premium of about 16% to MGM Growth’s closing price on Monday.
The deal values MGM Growth at $17.2 billion, including $5.7 billion of debt, the companies said.
VICI’s portfolio consists of 28 gaming facilities and about 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks.
MGM Resorts will own an about 1% stake in the VICI operating partnership, worth about $370 million.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Aditya Soni)
This article was from Reuters and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.
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