Photo of Caesars Palace Caesars Palace in Las Vegas, part of the VICI Properties portfolio.

LAS VEGAS—Saying it was “not in the best interests of the company and its stockholders,” recently spun-off gaming REIT VICI Properties said Wednesday it had rejected an unsolicited merger bid from MGM Growth Properties (MGP). The proposed all-stock deal for 100% of VICI’s common shares would be valued at approximately $5.85 billion; the combination of MGP and VICI would create the largest triple-net lease REIT by enterprise value.