Detroit – (RealEstateRama) — The Michigan Gaming Control Board today granted necessary approvals for MGM Resorts International (MGM), the parent of MGM Grand Detroit, LLC, to move forward with its proposal to reorganize and move certain real property into a Real Estate Investment Trust (REIT).
MGM publicly announced its intention last year to create the REIT. Through its subsidiaries, the REIT will hold the real property currently occupied by 10 MGM properties, including MGM Grand Detroit LLC.
MGM will control the REIT as a publicly traded company. After an initial public offering of the REIT, MGM will continue to control it by holding a majority of the voting power of its shares.
“The Michigan Gaming Control Board shall ensure the conduct of fair and honest gaming to protect the interests of the citizens of the State of Michigan.”
Contact: Mary Kay Bean 313-456-1344