Vici Properties Now the Biggest Property Owner on the Strip
The ever changing Las Vegas Strip continues to change. Casinos property continues to be gobbled up by Vici Properties. Vici a Nationwide Casino Landlord closed its acquisition of MGM Resorts International’s real estate, giving Vici several more hotel properties on the Strip.
Caesars Entertainment spinoff Vici Properties said Friday that it completed its $17.2 billion buyout of MGM Growth Properties. The deal was first announced in August and included the assumption of about $5.7 billion of debt.
Vici Properties on the Las Vegas Strip Managed by;
MGM Resorts International, Caesars Entertainment, Apollo Global Management.
As part of the sale, Vici acquired several MGM Resorts-operated properties along Las Vegas Boulevard including Mandalay Bay, MGM Grand, The Mirage, Park MGM, New York-New York, Luxor and Excalibur.
It also picked up several other casino properties outside Nevada, including MGM Grand Detroit and MGM National Harbor near Washington, D.C.
All told, Vici is slated to receive more than $1 billion in initial annual rent from the newly acquired properties, the firm indicated.
The buyout likely won’t result in noticeable changes at the resorts anytime soon, as Vici does not operate the properties but rather collects rent from the companies that do.
Still, it easily ranks among the largest real estate sales the Strip has ever seen and significantly expands Vici’s holdings in the casino corridor, making the New York company one of the biggest property, if not the biggest owners on Las Vegas Boulevard. Vici Properties is the country’s largest owners of gaming, hospitality and entertainment destinations.