MtM Vegas – Vici Buys MGM Growth
On this week’s MtM Vegas we have so much to talk about including a bombshell deal for many Vegas casinos. Before we dive in don’t forget to subscribe to the Miles to Memories YouTube channel to see every episode plus our Vegas reviews, guides and tours!
- New Vegas Podcast: Our new MtM Vegas podcast is now available. On this week’s podcast we talked with Ryan Flanigan who talked about his many years working in Vegas entertainment plus what it was like for his wife working at Crazy Girls. Good stuff. Find it here.
This Week’s MtM Vegas
A bombshell sale happened in Vegas as Caesars Entertainment spinoff REIT Vici Properties is dropping $17 billion to buy MGM Resorts spinoff MGM Growth Properties. The land beneath a ton of Vegas casinos will now be owned by a REIT while management will be spread out. Crazy times.
Speaking of crazy, someone climbed Aria without any safety equipment to protest the mask mandate. We also learned this week that the October 1 shooting memorial on the site of the Route 91 Festival is moving forward with MGM donating 2 acres for the project.
In other news Draft Kings has made a big purchase from Golden Nugget, Resorts World is already discounting their rooms 50% for many members and Main Street Station has announced a reopening date. It is the first closed casino to reopen in Vegas for awhile. Good news for sure.
Vici Buys MGM Growth – Bottom Line
With all of the land sales we have seen over the past few years it is clear that we are heading into a new era for Vegas. Will this be an era of further cost-cutting like we are seeing with the new Caesars Entertainment or will this new REIT ownership lead to more diverse operators who will bring some uniqueness back to Vegas. What do you think?