MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGP, together with its joint venture, currently owns a portfolio of properties, consisting of 12 premier destination resorts in Las Vegas and elsewhere across the United States, MGM Northfield Park in Northfield, OH, Empire Resort Casino in Yonkers, NY, as well as a retail and entertainment district, The Park in Las Vegas. As of December 31, 2019, our destination resorts, the Park, Empire Resort Casino, and MGM Northfield Park collectively comprised approximately 27,400 hotel rooms, 1.4 million casino square footage, and 2.7 million convention square footage. As a growth-oriented public real estate entity, MGP expects its relationship with MGM Resorts and other entertainment providers to attractively position MGP for the acquisition of additional properties across the entertainment, hospitality and leisure industries.
IPO Year: 2016
Exchange: NYSE
Website: mgmgrowthproperties.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 12/6/2021 | Outperform → Neutral | Macquarie | |
| 12/6/2021 | $43.00 | Outperform → Neutral | Macquarie |
| 9/28/2021 | Overweight → Sector Weight | Keybanc | |
| 8/9/2021 | Buy → Hold | Truist |
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Macquarie downgraded MGM Growth Properties from Outperform to Neutral
Macquarie downgraded MGM Growth Properties from Outperform to Neutral and set a new price target of $43.00
Keybanc downgraded MGM Growth Properties from Overweight to Sector Weight
Truist downgraded MGM Growth Properties from Buy to Hold
Wolfe Research initiated coverage of MGM Growth Properties with a rating of Peer Perform and set a new price target of $43.00
BofA Securities downgraded MGM Growth Properties from Buy to Underperform and set a new price target of $38.00
Morgan Stanley reiterated coverage of MGM Growth Properties with a rating of Equal-Weight and set a new price target of $38.00 from $34.00 previously
KeyBanc Capital Markets initiated coverage of MGM Growth Properties with a rating of Overweight and set a new price target of $39.00
KeyBanc initiated coverage of MGM Growth Properties with a rating of Overweight
Morgan Stanley reiterated coverage of MGM Growth Properties with a rating of Equal Weight and set a new price target of $34.00 from $31.00 previously
Believes a REIT Conversion or Sale of the Company's Real Estate Could Result in 100% Upside to Current Share Price Over Next 18 Months Given the Deep Discount SIX is Currently Trading At L&B Has Had Constructive Discussions with Management and Believes the 2022 Repositioning Strategy Should Lead to Higher Attendance and Strong EBITDA Growth in 2023 Confident Multiple Parties Would Be Interested in Sale-Leaseback Transaction of Six Flags Parks at a Premium Valuation and That a Six Flags REIT Would Trade at Superior Valuation to SIX Shares Today Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings", "L&B," "us" or "we"), an approximately 3% sharehol
LAS VEGAS, April 29, 2022 /PRNewswire/ -- MGM Resorts International (NYSE:MGM) ("MGM Resorts" or the "Company") today announced the closing of the previously announced transactions with VICI Properties Inc. ("VICI") (NYSE:VICI) and MGM Growth Properties LLC ("MGP") (NYSE:MGP) whereby VICI redeemed a majority of the MGP operating partnership units held by MGM Resorts for $43 per unit, or approximately $4.4 billion in cash and acquired 100% of the outstanding class A shares of MGP in a stock-for-stock transaction. "Our partnership with MGP over the last six years has provided si
– Adds 15 Marquee Assets Expanding Real Estate Portfolio to 43 Class-A Properties – – Increases Annual Rent by Over $1.0 Billion – – Diversifies Tenant Base to Eight Best-In-Class Operators – – Closes on $5.0 Billion of Investment Grade Senior Unsecured Notes – – Settles the Exchange Offer and Consent Solicitation for Notes Originally Issued by MGP – VICI Properties Inc. (NYSE:VICI) ("VICI," "VICI Properties" or the "Company"), an experiential real estate investment trust, today announced it has closed on the previously announced acquisition of MGM Growth Properties LLC (NYSE:MGP) ("MGP"). Upon completion of the merger, VICI will have an estimated enterprise value of approximately $44.
LAS VEGAS, April 21, 2022 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE:MGP) today reported financial results for the quarter ended March 31, 2022. Net income attributable to MGP Class A shareholders for the quarter was $69.4 million, or $0.44 per dilutive share. Financial highlights for the first quarter of 2022: Consolidated rental revenue of $195.1 million;Consolidated net income of $116.5 million, or $0.43 per diluted Operating Partnership unit;Consolidated Funds From Operations(1) ("FFO") of $191.4 million, or $0.71 per diluted Operating Partnership unit;Consolidated Adjusted Funds From Operations(2) ("AFFO") of $184.6 million, or $0.69 per diluted Operating P
LAS VEGAS, March 15, 2022 /PRNewswire/ -- MGM Growth Properties LLC ("MGP") (NYSE:MGP) today announced that its board of directors declared a quarterly cash dividend of $0.53 per Class A common share for the first quarter. On an annualized basis, the dividend of $2.12 represents an increase of $0.02 per share. This is the 16th dividend increase since MGP's initial public offering in April 2016. The dividend will be payable on April 14, 2022 to shareholders of record as of the close of business on March 31, 2022. About MGM Growth Properties LLC MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership a
LAS VEGAS, Feb. 10, 2022 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE:MGP) today reported financial results for the quarter and year ended December 31, 2021. Net income attributable to MGP Class A shareholders for the quarter was $52.0 million, or $0.33 per dilutive share, and for the year ended December 31, 2021 was $205.5 million, or $1.36 per dilutive share. Financial highlights for the fourth quarter of 2021: Consolidated rental revenue of $193.0 million; Consolidated net income of $87.0 million, or $0.32 per diluted Operating Partnership unit; Consolidated Funds From Operations(1) ("FFO") of $160.2 million, or $0.60 per diluted Operating Partnership unit; Co
LAS VEGAS, Jan. 20, 2022 /PRNewswire/ -- MGM Growth Properties LLC (NYSE:MGP) (the "Company") today announced the 2021 tax treatment of its Class A common share distributions as described below. 2021 Tax Information - Class A Common Share Box 1a Box 1b Box 2a Box 3 Box 5 Record Date Payable Date Type of Distribution Total Distribution Per Share Total Taxable Distribution Ordinary Dividends Qualified Dividends Capital Gain Distribution Nondividend Distributions Section 199A Dividends 2020 Distribution 2022 Distribution 12/31/2020 1/15/2021 Cash $0.487500 $0.487500 $0.395395 $0.000000 $0.000000 $0.092105 $0.395395 N/A N/A 3/31/2021 4/15/2021 Cash $0.495000 $0.495000 $0.401478 $0.000000 $0.00
LAS VEGAS, Dec. 15, 2021 /PRNewswire/ -- MGM Growth Properties LLC ("MGP") (NYSE:MGP) today announced that its board of directors declared a quarterly cash dividend of $0.525 per Class A common share for the fourth quarter. On an annualized basis, the dividend of $2.10 represents an increase of $0.02 per share. This is the 15th dividend increase since MGP's initial public offering in April 2016. The dividend will be payable on January 14, 2022 to shareholders of record as of the close of business on December 31, 2021. About MGM Growth Properties LLC MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, owner
LAS VEGAS, Nov. 3, 2021 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE:MGP) today reported financial results for the quarter ended September 30, 2021. Net income attributable to MGP Class A shareholders for the quarter was $50.0 million, or $0.32 per dilutive share. Financial highlights for the third quarter of 2021: Consolidated rental revenue of $188.3 million; Consolidated net income of $83.1 million, or $0.31 per diluted Operating Partnership unit; Consolidated Funds From Operations(1) ("FFO") of $151.5 million, or $0.56 per diluted Operating Partnership unit; Consolidated Adjusted Funds From Operations(2) ("AFFO") of $175.1 million, or $0.65 per diluted Operat
VICI Properties Inc. (NYSE:VICI) ("VICI Properties" or the "Company") announced today that VICI Properties stockholders approved the proposal to issue VICI common stock in connection with the closing of the previously announced strategic acquisition of MGM Growth Properties LLC (NYSE:MGP) ("MGP"). At the VICI Properties Special Meeting of Stockholders held today, more than 99.9% of the votes cast were voted in favor of the issuance of new shares of VICI common stock to MGP Class A stockholders as consideration in the merger, which votes represented approximately 90% of the outstanding shares of VICI common stock. The transaction is subject to customary closing conditions and regulatory ap
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LAS VEGAS, April 21, 2022 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE:MGP) today reported financial results for the quarter ended March 31, 2022. Net income attributable to MGP Class A shareholders for the quarter was $69.4 million, or $0.44 per dilutive share. Financial highlights for the first quarter of 2022: Consolidated rental revenue of $195.1 million;Consolidated net income of $116.5 million, or $0.43 per diluted Operating Partnership unit;Consolidated Funds From Operations(1) ("FFO") of $191.4 million, or $0.71 per diluted Operating Partnership unit;Consolidated Adjusted Funds From Operations(2) ("AFFO") of $184.6 million, or $0.69 per diluted Operating P
LAS VEGAS, Feb. 10, 2022 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE:MGP) today reported financial results for the quarter and year ended December 31, 2021. Net income attributable to MGP Class A shareholders for the quarter was $52.0 million, or $0.33 per dilutive share, and for the year ended December 31, 2021 was $205.5 million, or $1.36 per dilutive share. Financial highlights for the fourth quarter of 2021: Consolidated rental revenue of $193.0 million; Consolidated net income of $87.0 million, or $0.32 per diluted Operating Partnership unit; Consolidated Funds From Operations(1) ("FFO") of $160.2 million, or $0.60 per diluted Operating Partnership unit; Co
LAS VEGAS, Jan. 20, 2022 /PRNewswire/ -- MGM Growth Properties LLC (NYSE:MGP) (the "Company") today announced the 2021 tax treatment of its Class A common share distributions as described below. 2021 Tax Information - Class A Common Share Box 1a Box 1b Box 2a Box 3 Box 5 Record Date Payable Date Type of Distribution Total Distribution Per Share Total Taxable Distribution Ordinary Dividends Qualified Dividends Capital Gain Distribution Nondividend Distributions Section 199A Dividends 2020 Distribution 2022 Distribution 12/31/2020 1/15/2021 Cash $0.487500 $0.487500 $0.395395 $0.000000 $0.000000 $0.092105 $0.395395 N/A N/A 3/31/2021 4/15/2021 Cash $0.495000 $0.495000 $0.401478 $0.000000 $0.00
LAS VEGAS, Nov. 3, 2021 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE:MGP) today reported financial results for the quarter ended September 30, 2021. Net income attributable to MGP Class A shareholders for the quarter was $50.0 million, or $0.32 per dilutive share. Financial highlights for the third quarter of 2021: Consolidated rental revenue of $188.3 million; Consolidated net income of $83.1 million, or $0.31 per diluted Operating Partnership unit; Consolidated Funds From Operations(1) ("FFO") of $151.5 million, or $0.56 per diluted Operating Partnership unit; Consolidated Adjusted Funds From Operations(2) ("AFFO") of $175.1 million, or $0.65 per diluted Operat
LAS VEGAS, Aug. 6, 2021 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE:MGP) today reported financial results for the quarter ended June 30, 2021. Net income attributable to MGP Class A shareholders for the quarter was $43.9 million, or $0.28 per dilutive share. Financial highlights for the second quarter of 2021: Consolidated rental revenue of $188.3 million; Consolidated net income of $73.7 million, or $0.28 per diluted Operating Partnership unit; Consolidated Funds From Operations(1) ("FFO") of $142.0 million, or $0.53 per diluted Operating Partnership unit; Consolidated Adjusted Funds From Operations(2) ("AFFO") of $171.8 million, or $0.65 per diluted Operating
LAS VEGAS, Aug. 4, 2021 /PRNewswire/ -- MGM Resorts International ("MGM Resorts" or the "Company") (NYSE:MGM) today announced that it has entered into a definitive agreement with VICI Properties Inc. ("VICI") (NYSE:VICI) and MGM Growth Properties LLC ("MGP") (NYSE:MGP) whereby VICI would redeem a majority of MGP operating partnership units held by MGM Resorts for $43 per unit, or approximately $4.4 billion in cash, and acquire 100% of the outstanding class A shares of MGP in a stock-for-stock transaction. "In 2016 we started on our journey to become asset light and this annou
- Creates America's Largest Owner of Experiential Real Estate with an Enterprise Value of Approximately $45 Billion - - Transaction Expected to be Accretive to AFFO per Share Immediately Upon Closing - - Positions Balance Sheet for Investment Grade Status - - Significantly Diversifies Tenant Base While Enhancing Portfolio Quality, Size and Scale to Drive Future Growth and Value Creation - - VICI Announces 9.1% Dividend Increase - - Conference Call to Discuss Transaction to be Held at 8:00am ET - VICI Properties Inc. (NYSE:VICI) ("VICI Properties" or "VICI"), MGM Growth Properties LLC (NYSE:MGP) ("MGP") and MGM Resorts International (NYSE:MGM)
LAS VEGAS, Feb. 16, 2021 /PRNewswire/ -- MGM Growth Properties LLC ("MGP" or the "Company") (NYSE: MGP) today reported financial results for the quarter and year ended December 31, 2020. Net income attributable to MGP Class A shareholders for the quarter was $41.5 million, or $0.31 per dilutive share, and for the year ended December 31, 2020 was $76.1 million, or $0.59 per dilutive share. Financial highlights for the fourth quarter of 2020: Consolidated rental revenue of $188.3 million; Consolidated net income of $91.3 million, or $0.31 per diluted Operating Partnership unit; Consolidated Funds From Operations(1) ("FFO") of $160.1 million, or $0.54 per diluted Operating Partnership un
LAS VEGAS, Jan. 20, 2021 /PRNewswire/ -- MGM Growth Properties LLC (NYSE: MGP) (the "Company") today announced the 2020 tax treatment of its Class A common share distributions as described below. 2020 Tax Information - Class A Common Share Box 1a Box 1b Box 2a Box 3 Box 5 Record Date Payable Date Type of Distribution Total Distribution Per Share Total Taxable Distribution Ordinary Dividends Qualified Dividends Capital Gain Distribution Nondividend Distributions Section 199A Dividends 2019 Distribution 2021 Distribution 12/31/2019 1/15/2020 Cash $0.470000 $0.470000 $0.358594 $0.000000 $0.000000 $0.111406 $0.358594 N/A N/A 3/31/2020
LAS VEGAS, Dec. 15, 2020 /PRNewswire/ -- MGM Growth Properties LLC ("MGP") (NYSE:MGP) today announced that its board of directors declared a quarterly cash dividend of $0.4875 per Class A common share for the fourth quarter (which represents a dividend of $1.95 on an annualized basis). The dividend will be payable on January 15, 2021 to shareholders of record as of the close of business on December 31, 2020. About MGM Growth Properties LLC MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include c
Believes a REIT Conversion or Sale of the Company's Real Estate Could Result in 100% Upside to Current Share Price Over Next 18 Months Given the Deep Discount SIX is Currently Trading At L&B Has Had Constructive Discussions with Management and Believes the 2022 Repositioning Strategy Should Lead to Higher Attendance and Strong EBITDA Growth in 2023 Confident Multiple Parties Would Be Interested in Sale-Leaseback Transaction of Six Flags Parks at a Premium Valuation and That a Six Flags REIT Would Trade at Superior Valuation to SIX Shares Today Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings", "L&B," "us" or "we"), an approximately 3% sharehold
The long stretch of historically low interest rates may have benefited real estate more than any other sector. Cheap debt has a direct impact on cash flow, which means more capital to grow and more cash to distribute to shareholders. The flip side is that low interest rates resulted in record-high inflation. Inflation grew from 7.5% in January 2022, to 7.9% in February and the latest report shows an 8.5% increase in March, the fastest rise since December 1981. Experts believe the latest consumer price index (CPI) report suggests inflation is finally hitting its peak, but the cool-down period could be long. While the entire real estate sector tends to be a good hedge against high inflation
Benzinga’s weekly Stock Wars matches up two leaders in a major industry sector with the goal of determining which company is the better investment. This week, the duel is between two hospitality and sports betting titans: MGM Resorts International (NYSE:MGM) and Wynn Resorts, Limited. (NASDAQ:WYNN). The Case For MGM Resorts International: This company traces its roots to aviation industry executive and hotelier Kirk Kerkorian, who purchased the fabled Metro-Goldwyn-Mayer movie studio in 1969. Kerkorian was less interested in making movies than affixing the prestigious MGM name to his Las Vegas hotel properties. The studio’s importance in within the film industry waned during Kerkorian’s ow
MGM Growth Properties (NYSE:MGP) reported quarterly earnings of $0.67 per share. This is a 17.54 percent increase over earnings of $0.57 per share from the same period last year. The company reported $193.00 million in sales this quarter. This is a 0.69 percent decrease over sales of $194.34 million the same period last year.
David Lee Roth has canceled the Las Vegas residency planned to be his retirement from the music world, with no explanation given for the decision. What Happened: The former Van Halen frontman announced his residency at House of Blues at Mandalay Bay in September, with shows set to begin on Dec. 31 and Jan. 1. However, the first two shows were rescheduled for Feb. 11-12. According to the Las Vegas Review Journal, Roth’s representatives issued a statement that said the decision was based on the “unforeseen circumstances related to COVID and out of an abundance of caution for those working and attending the shows.” Roth was set to perform Wednesday, Friday and Saturday of this week, then fro
On CNBC’s "Mad Money Lightning Round," Jim Cramer said Enterprise Products Partners L.P. (NYSE:EPD) is a "very good company." He noted that the stock is moving lower, in part, due to those owning these master limited partnerships selling the stock. "We are totally against companies that have no earnings," Cramer said when asked about Aeva Technologies, Inc. (NYSE:AEVA). Cramer indicated that he likes MGM Growth Properties LLC (NYSE:MGP) as the company has a very good cash flow with a 5.5% dividend yield. He recommended sticking with the stock. When asked about COMPASS Pathways plc (NASDAQ:CMPS), Cramer said, "If it doesn’t have earnings or the prospect of earnings very soon, I have
Upgrades According to TD Securities, the prior rating for MAG Silver Corp (AMEX:MAG) was changed from Hold to Speculative Buy. For the third quarter, MAG Silver had an EPS of $0.02, compared to year-ago quarter EPS of $0.04. At the moment, the stock has a 52-week-high of $24.43 and a 52-week-low of $14.15. MAG Silver closed at $15.10 at the end of the last trading period. R5 Capital upgraded the previous rating for Best Buy Co Inc (NYSE:BBY) from Hold to Buy. Best Buy Co earned $2.08 in the third quarter, compared to $2.06 in the year-ago quarter. The stock has a 52-week-high of $141.97 and a 52-week-low of $95.93. At the end of the last trading period, Best Buy Co closed at $105.87.
Macquarie analyst Jordan Bender downgrades MGM Growth Properties (NYSE:MGP) from Outperform to Neutral and announces $43 price target.