Following the redemption, MGM Resorts' economic ownership stake in the Operating Partnership is approximately 69%. We remain excited for the future of MGM Northfield Park as it further cements itself as a market leader under the MGM brand and Chris Kelley's leadership."Īs consideration for the transaction, MGM Growth Properties Operating Partnership LP (the "Operating Partnership") redeemed approximately 9.4 million of its Operating Partnership units from a subsidiary of MGM Resorts, representing a purchase price of $275 million subject to customary adjustments. Today's announcement reinforces this strategy. regions where we can leverage our expertise, maximize our cross-marketing efforts and drive companywide growth. "Over the years, we have strategically and thoughtfully expanded our presence in key U.S. "We are pleased to welcome the 950 employees of MGM Northfield Park into the MGM Resorts family," said Jim Murren, Chairman and CEO of MGM Resorts. MGM Resorts also announced it has officially rebranded the property as MGM Northfield Park. LAS VEGAS, Ap/PRNewswire/ - MGM Resorts International ("MGM Resorts") (NYSE: MGM) and MGM Growth Properties LLC ("MGP") (NYSE: MGP) announced today that they have completed the previously announced transaction whereby MGM Resorts will acquire the operating assets of the Hard Rock Rocksino Northfield Park from MGP and lease the real property from MGP.
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