Maryland resort sells for $1.2b

MGM Resorts International and MGM Growth Properties have entered into a definitive agreement whereby a subsidiary of MGP will purchase the long-term leasehold interest and real property improvements associated with the MGM National Harbor casino resort in Oxon Hill, Md.

The sales price was $1.1875 billion.

MGM Resorts will lease the property from MGP and continue to operate the property following the consummation of the transaction.

The property, which opened in December 2016, totals 1 million square feet and is considered Maryland’s top-earning casino.

As of Sept. 5, 2017, MGM Resorts held a 76 percent economic interest in the operating partnership of MGP.