MGM Resorts приобрела разработки Hard Rock Rocksino бешеные деньги!

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MGM Resorts Closes Hard Rock Rocksino Northfield Park Buyout

Zacks Equity Research April 02, 2020

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MGM Resorts International ( MGM — Free Report) has completed the acquisition of Hard Rock Rocksino Northfield Park’s operating assets from MGM Growth Properties LLC (MGP). MGM Resorts will also lease the real property connected with Rocksino from a subsidiary of MGP. Located in Northfield, OH, Rocksino offers gaming, dining and entertainment facilities, and spreads across roughly 110 acres.

MGM Resorts also announced that it has rebranded Hard Rock Rocksino Northfield Park as MGM Northfield Park. Rocksino will be included in the existing master lease between MGM Resorts and MGP. Further, annual rent payment to MGP will increase by $60 million, 90% of which will be fixed and contractually increase 2% per year until 2022.

Rocksino — the best-in-class gaming and entertainment destination — and MGM Resorts’ global brand portfolio will provide a boost to MGM Resorts performance. Markedly, Rocksino has proven leadership in the gaming industry. The buyout will help MGM Resorts in terms of revenue and profit growth. MGM Resorts believes that the addition of Rocksino will enhance its scale and operations. It is also expected to boost free cash flow generation. On the full integration of Rocksino, MGM Resorts expects to see six times improved EBITDA.

In fact, this latest move underscores MGM Resorts’ focus on proliferating its business across segments like hotel, casino, food and beverage, and entertainment. Over the past few years, the company has taken various initiatives to bring every recognized brand under one global entertainment brand. Moving ahead, MGM Resorts aims to build a disciplined business model, with extensive focus on non-gaming revenue opportunities, high-quality assets and attractive property locations.

Price Performance

So far this year, shares of MGM Resorts have gained 10.1% compared with the industry’s 23% growth. An increase in visitation in the Las Vegas market, solid prospects of the Macau business and the company’s focus on non-gaming activities are likely to aid growth.

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Zacks Rank & Stocks to Consider

MGM Resorts, which shares space with Melco Resorts & Entertainment Limited ( MLCO — Free Report) , has a Zacks Rank #3 (Hold). Better-ranked stocks in the same space include Wynn Resorts, Limited ( WYNN — Free Report) and Zynga Inc. ( ZNGA — Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Wynn Resorts and Zynga has an impressive long-term earnings growth rate of 10% and 22.5%, respectively.

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MGM finalises Hard Rock Northfield purchase

MGM Resorts International has completed the purchase of the operating assets at Hard Rock Rocksino Northfield Park , which has previously reported to be part of a $1.06bn acquisition .

The new deal, which will see MGM lease the property from MGM Growth Properties (MGP) , will include the rebranding of the Hard Rock property, now set to be named MGM Northfield Park once the transaction is finalised.

For the transaction to be fully completed, MGP had to redeem 9.4 million of its operating partnership units from a subsidiary of MGM Resorts, totalling approximately $275m.

Jim Murren, Chairman and CEO of MGM Resorts , commented: “We are pleased to welcome the 950 employees of MGM Northfield Park into the MGM Resorts family.

“Over the years, we have strategically and thoughtfully expanded our presence in key US regions where we can leverage our expertise, maximise our cross-marketing efforts and drive company-wide growth.”

The new MGM addition will offer in excess of 200 live harness races each year, in addition to featuring 2,300 gaming devices, varied dining options, live music and comedy events, and will see its tap sports bar concept, which has a variety of locations such as MGM Grand Las Vegas and MGM National Harbor, replace the Hard Rock Café.

The 1,900 seat concert style music hall is to become Center Stage from its current Hard Rock Live moniker, Club Velvet, which hosts comedy acts to live musical performances, is to become the Neon Room, with all further amenities also set to be rejuvenated and renamed.

James Stewart, CEO of MGP, added: “With the addition of this property to the master lease, MGP shareholders will further benefit from our market leading net rent coverage as well as our tenant’s significant cash flows and strong credit profile.”

MGM Growth Properties to buy Hard Rock gaming resort for $1.06 billion

(Reuters) — U.S. resorts owner MGM Growth Properties LLC ( MGP.N ) said on Thursday it would buy Hard Rock Rocksino Northfield Park, a gaming facility in Northfield, Ohio, for about $1.06 billion from Milstein Entertainment LLC.

MGM Growth Properties’ shares rose 2.7 percent to $26.75.

The property has more than 2,300 video lottery terminals and includes several retail, food and beverage outlets, as well as entertainment venues and a horse racetrack, said MGM Growth Properties, a unit of MGM Resorts International ( MGM.N ).

Rocksino is licensed and managed by Hard Rock International, which is the parent company of Hard Rock hotels, casinos and cafes.

MGM Growth Properties said it expected to ultimately sell the entities holding the licenses and operating assets to a third-party operator.

“We expect that MGP (MGM Growth Properties) will be able to garner interest from third parties given the attractive fundamentals at the property and in the broader (Ohio) market, with MGM as a back-up operator should attractive bids not surface,” Morgan Stanley analyst Thomas Allen wrote in a client note.

The company owns 12 properties including the Mirage, Mandalay Bay and Luxor Las Vegas.

MGM Growth Properties plans to fund the deal, which is expected to close in the second half of the year, with a mix of cash and debt, and expects annual rent of $50 million to $60 million.

Northfield Park Associates LLC, the operator of Hard Rock Rocksino, is owned by the Milstein family, which has invested in business ventures and commercial real estate projects through Milstein Entertainment.

Reporting by Arunima Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva

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