Casino operator MGM Resorts International has established the MGM Growth Properties LLC subsidiary to handle ten of its properties including The Mirage and Mandalay Bay in Las Vegas. The new publicly traded real estate investment trust (REIT) entity was formed after the American gaming giant raised $1.1 billion last week by selling 57.5 million shares each priced at $21 through a public offering.

The new subsidiary will additionally run MGM Resorts International’s New York-New York, Luxor, Excalibur, Monte Carlo, and The Park venues in Las Vegas as well as its MGM Grand Detroit, Beau Rivage, and Gold Strike Tunica properties with the ten sites together offering some 24,466 hotel rooms, around 2.5 million sq ft of convention space and over 100 retail outlets.

MGM Resorts International is to hold 73% of the new MGM Growth Properties‘ economic interests along with total voting power while maintaining full ownership of some of its most iconic properties including the Bellagio and MGM Grand Las Vegas as well as its equity interest in Macau-based operator MGM China Holdings.

As part of the deal, Las Vegas-based MGM Resorts International revealed that it had moreover replaced all prior credit arrangements by agreeing a new revolving credit facility worth $1.2 billion alongside a $250 million loan. It declared that these concords will allow it to redeem for cash all of its outstanding 7.5% and 10% senior notes, both due later in the year.

“The successful completion of creating this publicly traded premier triple-net lease REIT has allowed MGM Resorts International to highlight the significant long-term value in our real estate assets, strengthen our balance sheet and financial flexibility, and ultimately create sustainable shareholder value,” said Jim Murren, Chairman and CEO for MGM Resorts International. “We have achieved a historic milestone at MGM Resorts International and we look forward to working with MGM Growth Properties to further solidify our position as the leader in entertainment, gaming, and hospitality.”