Casino owner Vici Properties buys MGM Growth Properties

[OTABILL]

Vici now owns Caesars and Harrah's (nationwide), and with this deal, Mandalay Bay, and the MGM Grand Las Vegas. They are also in the process of acquiring Venetian and Palazzo, https://www.cnbc.com/2021/08/04/vici-pr ... llion.html They already own other casinos around the country and it sounds like other MGM properties are being acquired as well. FYI, here are some of the other's https://viciproperties.com/portfolio/real-estate/

[billryan]

Do they own the casinos or only the real estate and they are not involved in the actual operations of the casinos?

[OTABILL]

It is my understanding that Vici (an REIT) owns the casinos/real estate and leases the properties back to Caesar's and others to manage/operate. As you know, Harrah's AK Chin in AZ is owned by the tribe but managed by Caesars. I assume that is similar to the Vici/Caesars relationship.

[billryan]

So we shouldn't be looking at Total Reward and MLife merging anytime soon?

[OTABILL]

I doubt it assuming management is kept separate.