MGM Growth Properties’ profits decline ahead of acquisition by VICI

Just like in 2020, the revenue for the group — which owns a number of MGM Resorts-operated properties such as the MGM Grand, Mandalay Bay and The Mirage — comprised $188.3m in rental revenue and $6.0m from ground leases.

Expenses, however, did rise⁠ — growing 9.5% to $74.0m. Depreciation was the largest source of expenses, but declined by 1.0% to $57.6m. The increase in costs was mostly driven by $6.3m in new acquisition-related expenses, while the business also paid $5.9m in ground lease expenses and $3.9m in general and administrative costs.

As a result, MGP’s operating revenue came to $120.3m, down 5.1%.

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