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MGM completes sale of real estate arm, including Springfield land and buildings –

SPRINGFIELD — Real estate investment trust Vici Properties completed its $17.2 billion purchase of MGM Growth Properties, including the real estate of MGM Springfield.

Casino operations at MGM locations, including Springfield, won’t change, MGM Resorts International has said. The company previously sold the land and buildings at MGM Springfield for $400 million to MGM Growth Properties.

MGM now has a master lease with Vici for casino real estate in Springfield and elsewhere with an initial term of 25 years, with three 10-year tenant renewal options and an initial total annual rent of $860 million. Rent under the MGM master lease escalates at a rate of 2% a year for the first 10 years and thereafter at the greater of 2% a year or the annual increase in the consumer price index.



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