MGM Growth to use revolver borrowings to help fund resort transaction

By Sarah Lizee

Olympia, Wash., Sept. 5 – MGM Growth Properties LLC intends to use borrowings under its revolving credit facility to purchase the long-term leasehold interest and real property improvements associated with the MGM National Harbor casino resort, according to a press release.

MGM Resorts International will lease the property from MGM Growth Properties and continue to operate the property following the consummation of the transaction.

MGM Growth Properties will use $462.5 million in cash to help fund the transaction, which may include cash on hand or cash from financings, including borrowings under its revolver.

MGM Growth Properties is a Las Vegas-based real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. MGM Resorts International is a Las Vegas-based operator of destination resorts.

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