From MGM selling the land the company’s casinos sit on to a boom in gambling among Las Vegas locals and around the country, it’s a hot summer in the gaming industry.
The biggest players on the Strip used to be MGM Resorts International and Caesars Entertainment. Now, the big kahuna is VICI Properties.
The real estate investment trust just spent $17.2 billion to acquire ownership of MGM’s properties, which had been held by a separate trust spun off years ago by the casino giant.
“The simplest answer is that they basically are the landlords, they buy the land, and the buildings of all these different industries,” longtime gaming reporter Howard Stutz told State of Nevada.
He said the deal frees up cash for MGM, which will continue to operate the properties under long-term leases.
“That money they can use to reinvest into their properties and push into the online gaming and mobile sports betting that they’ve been doing around the country,”…