MGM Resorts reduces its stake in real estate arm

MGM Resorts International has announced the completion of the redemption of approximately 37.1 million of its operating partnership units of MGM Growth Properties Operating Partnership LP for aggregate cash proceeds of approximately US$1.2 billion. Following the redemption, MGM Resorts’ ownership in the Operating Partnership was reduced from 53.0 percent to 42.1 percent.

MGM Resorts International Announces Completion of 37.1 Million MGP Operating Partnership Unit Redemption (release)