MGM Resorts International plans to shift some of its casino-resort real estate into a separate company that will lease the properties back to MGM to boost value for shareholders and give both companies more flexibility to grow.
The Las Vegas casino giant announced Thursday it would create a real estate investment trust, or REIT, called MGM Growth Properties that would own 10 of its casino-resorts and assume $4 billion in debt.
In a conference call with analysts, MGM Resorts Chief Executive Jim Murren said his company would own a substantial interest of about 70% in the new company after it goes public in the first quarter of 2016.
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