MGM Resorts

“given the strategic importance of this asset to MGM and a right of first offer on an iconic Las Vegas Strip asset, demonstrating our ability to execute large, structured relationship-driven transactions.”

The Las Vegas CityCenter asset underlying Realty Income's investment is strategically important to MGM, its operator, supporting the downside protection in the structure.

“Obviously, we are the owners of National Harbor and MGM runs it. And what we've seen, as Ed mentioned, in Las Vegas for the Sphere is the amount of new customers that get attracted to that. So it could only help our business and MGM's business should the Sphere -- the next Sphere be built on that campus.”

MGM operates VICI's National Harbor property as a tenant; VICI suggests a potential Sphere venue there could drive incremental customer traffic to MGM's business.

“what MGM did was look at the situation, the ever-evolving situation in the New York landscape, and make what we agree is a very sound capital allocation decision or capital non-allocation decision based on, again, the changing circumstances.”

MGM withdrew from the New York City casino license bidding process, which VICI characterizes as a sound capital-allocation decision by its tenant.

“Upon closing of the transaction, VICI will enter into a new triple-net lease with an affiliate of Clairvest as well as an amendment to the master lease between VICI and MGM Resorts.”

MGM is selling operations of MGM Northfield Park; VICI will amend its MGM master lease with rent shifting to a new Clairvest lease, neutral for MGM as a VICI tenant.

“whether again at the main convention center or as an example, at Mandalay Bay, where MGM put $100 million into the Mandalay Bay meeting facilities to 2.2 million or whatever million square feet, it is.”

VICI cites tenant MGM's $100 million investment in Mandalay Bay's meeting facilities as an example of significant tenant-funded capital improvements on VICI-owned real estate.

“MGM to be fair, while it is essentially franchise economics is a different structured sort of contract, given that we are largely sharing 2 incredibly powerful brands.”

Marriott's brand-sharing arrangement with MGM is structured differently from a typical franchise deal since the two companies jointly leverage each other's brand strength.

“we're a big fan of the MGM bid, simply because the asset is one that is ours, and we would hope that we would help our current tenant and MGM grow that should they win one of the three licenses”

VICI expresses support for tenant MGM Resorts' bid for one of New York's new gaming licenses on VICI-owned real estate.

“we are excited to announce today that we will add MGM Resorts International to our list of partners in Las Vegas. This represents a large milestone from one of our focus markets for Getaways by”

Southwest added MGM Resorts International as a hotel partner for its upcoming Getaways by Southwest travel product in Las Vegas, giving it access to a substantial portion of the city's hotel inventory.

“the addition of around 38,000 rooms from our agreement with MGM”

Marriott's licensing agreement with MGM Resorts added roughly 38,000 rooms to Marriott's system in 2024, a meaningful driver of net rooms growth and a sign the MGM Collection partnership is scaling.

“I think MGM spoke to that as well.”

References MGM Resorts' public commentary on similarly strong Las Vegas slot volume trends, used as an industry benchmark for demand strength.

“MGM Grand recently announced a $300 million remodel of all of their 4,200 hotel rooms, to be completed in December of 2025, and launched their Palm Tree Beach Club outdoor music and entertainment venue, which will open in May of 2025.”

MGM, a VICI tenant, is investing heavily in renovating and adding new entertainment amenities at MGM Grand Las Vegas, signaling confidence in continued demand.

“We've also extended our relationship with F1 for 5 years.”

MGM extended its Formula 1 relationship by five years, reinforcing F1's Las Vegas Grand Prix as a recurring visitation and hospitality driver.

“the notion of a Sphere coming to Maryland is very compelling and very exciting, I think, for the project, the region and ultimately, National Harbor.”

MGM frames a potential Sphere venue near its National Harbor property as a major traffic driver, a positive read-through for Sphere Entertainment's expansion beyond Las Vegas.