![]() For more information, please visit us at Please also connect with us on Twitter as well as Facebook and Instagram. ![]() ![]() The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company's 50/50 venture, BetMGM, LLC, offers U.S. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. This transaction reflects the continued execution of our growth strategy, will be immediately accretive to AFFO per share upon closing and further strengthens our master lease with MGM."Īs of March 31, 2021, MGM Resorts held a 42 percent economic interest in the operating partnership of MGP.Įvercore served as financial advisor to the Conflicts Committee of MGP's Board of Directors. James Stewart, CEO of MGM Growth Properties, said, "We are excited to add MGM Springfield to our portfolio of high-quality gaming resort real estate and are encouraged by the property's recent record financial performance. ![]() "MGM Springfield has exhibited strong financial performance as it emerges from the pandemic, and the property delivered record Adjusted Property EBITDAR in the first quarter of 2021." "We are pleased to announce today's transaction with MGM Growth Properties, which we believe serves the best interests of the shareholders of both companies and further advances our asset-light commitment," said Bill Hornbuckle, CEO and President of MGM Resorts. The sale is expected to close in the fourth quarter of 2021, subject to regulatory approvals and other customary closing conditions. MGM Springfield will be added to the existing Master Lease between MGM Resorts and MGP, and the rent payment to MGP will increase by $30 million, of which $27 million will be base rent and $3 million will be percentage rent. MGP will pay total consideration of approximately $400 million in cash (which may include cash on hand or cash from financings, including borrowings under MGP's revolving credit facility). MGM Resorts will lease the property from MGP and continue to operate the property following the consummation of the transaction, with no expected change to its employees, vendors, customers, and the community. LAS VEGAS, /PRNewswire/ - MGM Resorts International ("MGM Resorts") (NYSE: MGM) and MGM Growth Properties LLC ("MGP") (NYSE: MGP) announced today that they have entered into a definitive agreement whereby MGP will purchase the real estate assets associated with MGM Springfield in Western Massachusetts.
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