As part of a $1.9 billion deal, MGM Resorts International has been sold to MGM Growth Properties, but MGM National Harbor president says the sale won't impact customers or employees.
WASHINGTON — MGM Resorts International has been sold for $1.9 billion to MGM Growth Properties, a separate, publicly-traded company created to hold MGM’s real estate properties.
The deal includes $462.5 million in cash and assumption of $422.5 million in MGM National Harbor debt, and $300 million of MGM Growth Properties stock.
MGM Resorts will now lease the property from MGM Growth Properties and continue to operate it with no change to the National Harbor resorts or its operations.
The transaction “in no way changes or diminishes our commitment to Maryland and Prince George’s County,” said Bill Boasberg, president of MGM National Harbor.
“This transaction is only a transfer of the real property and will result in no operating changes for the resort, its customers, employees, suppliers or vendors. Employee benefits, paychecks and other polices will remain unchanged,” he said.
MGM Resorts holds a majority stake in MGM Growth Properties.
MGM National Harbor opened in December 2016.
The $1.5 billion resort now generates about one out of every three gaming revenue dollars in the state of Maryland.
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