MGM Resorts has agreed to sell its MGM Growth Properties business to VICI Properties Inc in a deal valued at $17.2 billion.
The stock-swap deal will see MGM Resorts pocket about $4.4 billion for its stake and continues its ‘asset light’ strategy selling off real estate. MGM Growth owns several properties including 12 resorts in Las Vegas and other US cities.
VICI operates several hotels and gaming facilities as well as more than 200 restaurants, bars, nightclubs and sportsbooks.
