Transformative Acquisitions: MGM Growth Properties & The Venetian Resort
INCOME MAGNITUDE AND VALUE
NOI ($mm)
2015 - YTD 2021 SINGLE-ASSET REAL ESTATE TRANSACTIONS WITH NOI > $70MM
250.0
CityCenter
200.0
Cosmopolitan
150.0
100.0
50.0
3.00%
Bellagio
The Venetian
Resort(¹)
MGM Grand(2)
Select Las Vegas Strip Sales & Financings
The Shops at Crystals sold in 2016 at a 4.5% cap
rate
Town Square Las Vegas sold in 2017 at a 5.3% cap
rate
The Grand Canal Shoppes mortgage debt was
refinanced in 2019 at an appraised cap rate of
4.5%
245
30 Hudson
Park
Yards, NYC
Mandalay
Bay(2)
Ave,
Fashion
NYC
1095
Show
LV(2)
10
Hudson
6th Ave,
NYC(2)
787 7th Ave,
NYC
World
Wind
wide
Yards,
NYC(2)
1515
Broadway,
1211
NYC(2)
6th Ave,
NYC(2)
1285 6th
Plaza,
Ave, NYC NYC(2)
50
Northern
Ave,
Boston
Creek
Bethlehem
Caesars
Palace (3)
Harrah's
Las
Vegas
National
Harbor,
MD
4.00%
5.00%
6.00%
7.00%
8.00%
Cap Rate (%)
Circle sizes represent asset NOI
Gaming
Office
Retail
Medical Office Building
VICI Transactions
VICI
Source: Real Capital Analytics (RCA).
(1) The pending Venetian Resort acquisition is subject to customary closing conditions and regulatory approvals. (2) Transaction was for a stake in the property; bubble represents the implied price of 100% interest. (3) Represents 25
incremental rent acquired related to the Eldorado Transaction.View entire presentation