MGM Resorts to Create REIT to Be Named MGM Growth Properties

MGM Resorts International plans to create a real estate investment trust into which it will contribute 10 of its properties.

MGM said the REIT, to be named MGM Growth Properties LLC, will assume about $4 billion of debt, which is expected to be refinanced with the proceeds of debt and equity sales, according to a statement on Thursday.

The company is being pressed by activist investor Land & Buildings Investment Management LLC to sell assets, reduce spending and put its properties into a REIT to boost the stock price, as other gambling companies have done.

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