MGM Growth expects deal to close in H2, boost AFFO per share by mid-to-high single digit percentage

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MGM Growth to acquire Ohio-based Hard Rock Rocksino for about $1.06 billion

MGM Growth Properties LLC said Thursday it has reached agreement to acquire Ohio-based Hard Rock Rocksino Northfield Park for about $1.06 billion. The real estate investment trust said it expects the deal to close in the second half and to boost its adjusted funds from operations by a mid-to-high single digit percentage rate. Hard Rock Rocksino is a gaming and entertainment facility with more than 2,300 video lottery terminals, a range of retail and food and beverage outlets and a 1,900-seat music venue. It also has a year-round horse racetrack and gas station and car wash. MGM Growth will finance the deal with a mixture of cash and debt. Shares were not yet active premarket, but have fallen 4% in the last 12 months, while the S&P 500 has gained 12%.

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