Gaming real estate investment trust (REIT) MGM Growth Properties (NYSE: MGP) has agreed to be acquired by fellow casino owner VICI Properties (NYSE: VICI) in a $17.2 billion all-stock deal. First, MGM Growth Properties was formed in April 2016 for the specific purpose of owning a portfolio of real estate assets operated by gaming giant MGM Resorts (NYSE: MGM). The company owns or has an interest in seven properties located on the Las Vegas Strip, including The Mirage, Mandalay Bay, and the MGM Grand, as well as a top-notch portfolio of regional MGM properties including the Borgata in Atlantic City and MGM National Harbor in the Washington, D.C., area.
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