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MGM Growth Properties closes on Hard Rock Rocksino deal

Jul. 06, 2018 1:01 PM ETMGM Growth Properties LLC (MGP) StockBy: Clark Schultz, SA News Editor
  • MGM Growth Properties (NYSE:MGP) announces that it closed on the acquisition of the Hard Rock Rocksino Northfield Park for approximately $1.06B.
  • The company funded the acquisition with cash on hand and borrowings under its senior secured credit facility.
  • "We are excited about the addition of the market leading Hard Rock Rocksino to our portfolio. This transaction brings further geographic diversification and is expected to generate mid to high single digit percentage accretion to AFFO," says MGM Growth CEO James Stewart.
  • Looking ahead, MGP expects its relationship with MGM Resorts (MGM) and other entertainment providers to attractively position it for the acquisition of additional properties across the entertainment, hospitality and leisure industries that may be developed in the future.
  • Source: Press Release

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