The real estate investment trust (REIT) established in 2016 by American casino giant MGM Resorts International is reportedly offering to fully purchase the counterpart that manages some 20 gaming properties owned by fellow Las Vegas-based rival Caesars Entertainment Corporation.

According to a report from GGRAsia, MGM Growth Properties LLC runs ten venues on behalf of MGM Resorts International including The Mirage and Mandalay Bay in Las Vegas and has officially lodged an offer that would see it acquire all of fellow REIT Vici Properties Incorporated for a price of $19.50 per share.

MGM Growth Properties LLC also manages MGM Resorts International’s New York-New York, Luxor, Excalibur, Monte Carlo and The Park properties in Las Vegas as well as its MGM Grand Detroit, Beau Rivage and Gold Strike Tunica. The portfolio of Vici Properties Incorporated, which was formed last year as part of Caesars Entertainment Corporation’s bankruptcy reorganization, includes the iconic Caesars Palace Las Vegas venue.

“We believe this represents a meaningful premium to the potential value your current shareholders would receive in the event of an initial public offering, especially after considering the fees, discounts, dilution, risks and uncertainties associated with such an offering,” reportedly read the offer letter from MGM Growth Properties LLC, which was purportedly signed by James Murren, Chairman and Chief Executive Officer for MGM Resorts International and its subordinate REIT.

MGM Resorts International currently holds 73% of the economic interests of MGM Growth Properties LLC along with total voting power and the offer to buy Vici Properties Incorporated would reportedly see the two enterprises merged to create a single giant REIT worth approximately $22 billion. Following this combination, shareholders of Vici Properties Incorporated would purportedly hold some 43% of the new entity while MGM Resorts International’s overall stake would be reduced to 41%.

GGRAsia reported that a separate statement from MGM Growth Properties LLC revealed that its management team had earlier conferred about the proposed deal with counterparts at Vici Properties Incorporated but that its rival had not yet been willing to engage in ‘meaningful discussions’.

“MGM Growth Properties LLC believes that a proposed combination is extremely attractive strategically and financially for both Vici Properties Incorporated and MGM Growth Properties LLC,” reportedly read the second statement from MGM Growth Properties LLC.