Why casino operators are selling property to REITs

MGM Resorts International will own 15 acres on the Las Vegas Strip once two recently announced transactions are completed later this year — down from the 800 acres it controlled nearly ten years ago. Since then, the company has embraced an asset-light strategy beginning with its 2016 spin-off of MGM Growth Properties as a publicly traded REIT. Other casino operators have also been selling properties to REITs.