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MGM Resorts-backed REIT MGM Growth Properties files for an estimated $1 billion IPO

March 22, 2016
MGP

MGM Growth Properties, an MGM Resorts-backed REIT with an initial portfolio of 10 gaming properties, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $1 billion.

The Las Vegas, NV-based company was formed in 2015. It plans to list on the NYSE under the symbol MGP. MGM Growth Properties filed confidentially on October 29, 2015. BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Evercore ISI, Barclays, Citi and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.