MGM Growth Properties LLC engages in owning, acquiring, and leasing casino resort properties in the United States. It resorts provide casino gaming, hotel, convention, dining, entertainment, retail and mixed-use facilities, and other resort amenities. As of December 31, 2015, the companys properties include a total of 24,466 hotel rooms. MGM Growth Properties LLC was founded in 2015 and is based in Las Vegas, Nevada. MGM Growth Properties LLC operates as a subsidiary of MGM Resorts International. I will edit and post a chart after MGP trades a little longer. It was brought into the market this week as a IPO
Land and Buildings, an activist investor and large shareholder of MGM Resorts International(NYSE: MGM) was successful in forcing the company to split its real estate assets into a controlled REIT named MGM Growth Properties LLC (NYSE: MGP) The newly-created entity began trading for the first time on Wednesday. After pricing its IPO as high as $21 per share, shares opened for trading at $22.75. Land and Buildings commented on the stock's successful trading debut in a letter on Thursday. The activist investor said it's "pleased" with the opening price which represents an approximate 14x 2017 EBITDA multiple. "We first pointed out in March 2015 that MGM's real estate was deeply undervalued as part of the parent company. MGM REIT's IPO confirmed our position," the letter said. "We believe MGM Resorts likely has over 40% upside from its current share price to fair value based in part on the valuation at which MGM REIT is trading." The letter continued that the issue's public offering also marks a "significant positive development for shareholders" as it improves corporate governance and eliminates the overlap among the Board and management teams of both companies. "We are gratified to have played a role in this value creation opportunity, and would hope the Board of Directors and management teams of MGM Resorts and MGM REIT to continue to explore ways to enhance value," the letter concluded. https://finance.yahoo.com/news/activist-investor-pleased-recent-gains-155954934.html
MGM Growth Properties LLC announces proposed private offering by MGM Growth Properties Operating Partnership LP Plan to use net proceeds to refinance amounts outstanding under issuer's revolving credit facility Consolidated units propose to offer $400 million in aggregate principal amount of senior notes due 2026 in a private placement Source text for Eikon: Further company coverage: http://www.reuters.com/article/idUSFWN1AQ0N6
