In October, 2015, MGM revealed plans of starting a real estate investment trust (REIT) called MGM Growth Properties. Several months later, in its Tuesday Securities and Exchange Commission filing, the company announced that its subsidiary would be listed on the New York Stock Exchange.

Besides the listing, the statement released by the trust explained that the company would operate a total of seven properties on the strip. According to the information provided some of the establishments are Luxor, Mandalay Bay, New York-New York, Monte Carlo and the latest outdoor venue named The Park. Additionally, three other regional resorts were mentioned in the statement and those include Beau Rivage (Biloxi, Mississippi), Gold Strike (Tunica, Mississippi) and MGM Detroit.

It was highlighted that employees and customers won’t see any difference in the regular operations of the facilities because of the newly presented structure. Additionally, the company said that they expect to raise up to $100 million from the shares offering; however, Renaissance Capital gave its own estimate according to which MGM would more likely collect up to $1 billion.

MGM Resorts revealed that it would lease back all properties and would own a majority of its new entity. MGM Growth, on in other hand, pointed out that in addition to the MGM properties, the subsidiary would look for other “entertainment and gaming relating properties from non-MGM entities.”

The trust added that they want to grow their portfolio of gaming properties by taking over assets that could contribute to their “tenant and geographic diversification.” They expressed interest in facilities that have a stable cash flow, established operating history and low operating risk.

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