Mar 23, 2016 Newsdesk Latest News, Top of the deck, World  
The new real estate subsidiary of U.S.-based casino operator MGM Resorts International on Tuesday filed a registration statement for an initial public offering (IPO).
MGM Growth Properties LLC – to be organised as a real estate investment trust, or REIT – stated in its filing to the U.S. Securities and Exchange Commission that it planned to raise up to US$100 million from the proposed offering of shares.
Wells Fargo Securities LLC analyst Cameron McKnight said, following the announcement, that the final offering size could be of up to US$1 billion, as previously suggested by MGM Resorts. He added that the “IPO could happen in the next 20 days”, depending on “market conditions”.
MGM Growth Properties is to be traded on the New York Stock Exchange under the symbol MGP.
MGM Resorts in October announced it would create a publicly traded REIT into which it planned to inject 10 real estate assets, all located in the United States. That includes some of its most iconic properties in Las Vegas, such as Mandalay Bay and The Mirage (pictured).
MGM Resorts is the parent company of Macau-based casino operator MGM China Holdings Ltd. The latter’s MGM Macau casino hotel is not included in the REIT.
MGM Growth Properties will earn about US$550 million in annual rent from the 10 properties it will own and lease to MGM Resorts, according to the filing.
MGM Resorts previously has said it intended to maintain control of MGM Growth Properties after the IPO. Names of the REIT’s chief executive and chief financial officer were recently announced by the casino firm.
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”We’ve said we want to grow EBITDA ... to US$1.4 billion in 2025. And we have a really high level of conviction about getting there”
Matt Wilson
Chief executive of casino equipment provider Light & Wonder