VICI Nixes Merger Bid from MGM Growth

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.

MGP made its offer public on Tuesday after sending VICI’s board a written proposal on Jan. 5. The two companies had held discussions since late December, MGP said Tuesday in an SEC filing. VICI disclosed on Wednesday that its board had already sent MGP a letter declining the offer on Jan. 8.