LONDON, UK / ACCESSWIRE / April 9, 2018 / Active-Investors.com has just released a free research report on MGM Growth Properties LLC (NYSE: MGP) ('MGM'). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=MGP as the Company's latest news hit the wire. On April 05, 2018, the Company MGM announced that it has inked a deal to acquire Ohio-based Hard Rock Rocksino Northfield Park (Rocksino) from Milstein Entertainment LLC, for approximately $1.06 billion. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, MGM Growth Properties most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=MGP
Deal Details
- The membership interest purchase agreement will be for 100% of the issued and outstanding limited liability company interests in Northfield Park Associates LLC, which owns and operates the Rocksino.
- MGP will fund the acquisition with a combination of cash on hand and debt.
- The Company expects to ultimately sell the entities holding the licenses and operating assets to a third-party operator. MGP intends to retain ownership of the real estate, anticipating $50 million to $60 million of annual rent, which is expected to represent approximately 1.8x rent coverage.
- The transaction, likely to close in the second half of 2018, is subject to customary closing conditions and regulatory approvals.
Acquisition Expected to Result in Mid- to High-Single Digit Percentage Accretion to AFFO per Share
Commenting on the acquisition, James Stewart, CEO of MGM, stated that the Company is happy to join the Northeast Ohio community and look forward to continuing to work with the management team to consummate the transaction and identify a third-party tenant to operate the asset going forward.
James added that this attractive addition to the Company's portfolio is expected to result in mid- to high-single digit percentage accretion to AFFO per share, demonstrating again MGM's commitment to generating value for its shareholders.
MGM's Proposal to Combine with VICI Properties Inc.
On January 16, 2018, MGM sent a letter to the CEO and the Chairman of the Board of Directors of VICI Properties Inc. (VICI) proposing to acquire 100% of VICI's outstanding common stock for $19.50 per share. Till date, VICI has elected not to engage in meaningful discussions. MGP believes that a proposed combination is extremely attractive strategically and financially for both VICI and MGP. MGP is making its proposal public in an effort to engage and move forward quickly to consummate a transaction.
About the Hard Rock Rocksino Northfield Park
The Rocksino is a gaming, dining, and entertainment facility located in Northfield, Ohio. The property, which sits on 110 acres, consists of the 200,000-square foot gaming facility which features over 2,300 video lottery terminals, a variety of retail and food and beverage outlets as well as entertainment venues, including a 1,900-seat music venue and a 250-seat event space. It also includes a year-round horse racetrack and a gas station and car wash.
About MGM Growth Properties LLC
MGM is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership, and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment, and retail offerings. The Company currently owns a portfolio of properties, consisting of 11 premier destination resorts in Las Vegas and elsewhere across the United States, and the Park, a dining and entertainment complex which opened in April 2016.
Stock Performance Snapshot
April 06, 2018 - At Friday's closing bell, MGM Growth Properties' stock dropped 1.16%, ending the trading session at $26.44.
Volume traded for the day: 731.57 thousand shares.
After last Friday's close, MGM Growth Properties' market cap was at $6.77 billion.
Price to Earnings (P/E) ratio was at 38.60.
The stock has a dividend yield of 6.35%.
The stock is part of the Financial sector, categorized under the REIT - Hotel/Motel industry.
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