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MGM Resorts Launches Real Estate Subsidiary

The MGM Resorts International real estate subsidiary that will own three resorts and seven properties on the Strip has filed for an initial public offering.

Vegas Inc. reports MGM Growth Properties LLC shares will be traded on the New York Stock Exchange.

The subsidiary's Securities and Exchange Commission filing says it expects to raise $100 million.

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MGM Resorts plans to lease back the properties and own most of the new subsidiary. The filing says MGM Growth Properties will be organized as a real estate investment trust.

The initial public offering was filed after State gaming regulators gave the final approval for restructuring related to the trust.