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Upgraded: MGM Growth Residence Makes Play to Get VICI Characteristics


Caesars Palace in Las Vegas MGM Growth Characteristic LLC (NYSE: MGP) is making a play to integrate 2 of the biggest gambling establishment owners in the world.

MGM sent a letter to the CEO and the chairman VICI Properties Inc. (OTCMKTS: VICI) proposing to obtain 100% of VICI’s exceptional typical stock for $19.50 per share in an all-stock deal.

MGM said VICI had so far has elected not to participate in significant conversations. Maybe for a great reason: its stock has been trading for a little more than $20 a share through most of December and January. Its stock price today was trading in a variety from $20.50 to $23/share.

VICI has a market capitalization value of about $6.4 billion.

VICI Characteristic confirmed the unsolicited, non-binding, written proposition from MGM Growth Residences and in consultation with its monetary and legal advisors, identified that pursuing it was not in the best interests of the business and its stockholders.

” VICI’s board unanimously thinks that our prospects as a standalone independent company will provide substantially remarkable outcomes for our investors,” stated Edward Pitoniak, CEO of VICI Properties. “With our high quality, varied real estate portfolio and best-in-class corporate governance, we are best positioned to successfully perform on our identifiable ingrained development from call-option and right of first rejection assets and our active pipeline of incremental accretive acquisitions. Through this our company believe we will create higher long-lasting worth than by pursuing MGP’s proposition.”

[Editor’s Note: This story was upgrade Wednesday Jan. 17, 9 AM EST with VICI’s reaction.]

Born out of the insolvency reorganization of Caesars Entertainment Corp., VICI Properties was spun-off late last year as the owner of a varied portfolio including 20 gaming facilities consisting of Caesars Palace Las Vegas. Its national, geographically diverse portfolio consists of over 36 million square feet and features approximately 14,500 hotel rooms and more than 150 dining establishments, bars and bars.

MGM Growth Characteristic currently owns 11 premier location resorts in Las Vegas and in other places across the United States and one dining and home entertainment complex. The residential or commercial properties collectively make up 27,541 hotel spaces, over 2.65 million convention square video, over 100 retail outlets, over 200 food and beverage outlets and over 20 home entertainment locations.

MGM said it thinks that a proposed mix is exceptionally appealing tactically and financially for itself and VICI. The mix of the 2 would produce the biggest triple-net lease REIT and a Top 15 public REIT by business value.

In addition, the ownership in the combined company would benefit from operational synergies, broader possible trading in VICI stock, more effective cost of capital and additional liquidity as a substantially larger company.

MGM said it is dealing with third party financial and legal advisors and might make a definitive deal within two weeks assuming VICI concerns the table.

Related Makes Bid for CRE Loan Provider Ladder Capital

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Takeover Offer Would Expand Collaboration Began a Year Ago; Worths Ladder at $1.6 Billion


Justin Metz, president of Related Fund Management A subsidiary of New York developer and investor the Related Cos. made a money quote this previous weekend to get business real estate lender Ladder Capital Corp.( NYSE: LADR).

Related Fund Management LLC is proposing to acquire all of the impressive shares of Ladder for $15 per share through a two-step tender deal and merger procedure, based on specific conditions.

Ladder Capital said it plans to without delay and thoroughly examine the proposal.

With $5.9 billion in overall properties and $1.5 billion of book equity as of Sept. 30, 2017, Ladder Capital is one of the largest internally-managed openly traded REITs in its area.

Ladder Capital closed trading recently at about $13.60 per share. It has actually been trading this morning at about $14.50 – providing it a market capitalization of about $1.61 billion.

If the offer goes through, Ladder would end up being a privately held entity. Associated presently owns about 8.2% of the exceptional stock of Ladder.

In 2015 at this time, Associated bought $80 million of Ladder stock from investors, including affiliates of TowerBrook Capital Partners and GI Partners.

At that time, Justin Metz, managing principal of Related Fund Management said, “Ladder’s strong and seasoned management team operates a disciplined and differentiated mortgage-focused lending platform and we believe the company is undervalued by the public market.”

At the time of that investment, Ladder was trading at about $14.10/ share.

In its takeover proposition letter to Ladder Capital, Related’s Metz said the firm intends “to continue to expand the present business platform, particularly with respect to the property management service, by raising additional capital.”

Metz added that it anticipated that it would retain most of Ladder’s staff members.

Evercore Group LLC and Sullivan & & Cromwell LLP are encouraging Related.

MGM Development Characteristic Makes Play to Acquire VICI Residences


Caesars Palace in Las Vegas MGM Development Residence LLC (NYSE: MGP) is making a play to combine two of the biggest casino owners worldwide.

MGM sent a letter to the CEO and the chairman VICI Residences Inc. (OTCMKTS: VICI) proposing to acquire 100% of VICI’s outstanding typical stock for $19.50 per share in an all-stock offer.

MGM stated VICI up until now has elected not to take part in significant conversations. Maybe for an excellent factor: its stock has actually been trading for a little more than $20 a share through most of December and January. Its stock price today was selling a range from $20.50 to $23/share.

VICI has a market capitalization worth of about $6.4 billion.

VICI has not yet openly reacted to MGM’s statement of the deal this morning. MGM stated it went public with the proposal in an effort to engage and move forward rapidly to practiced a transaction.

Born out of the personal bankruptcy reorganization of Caesars Home entertainment Corp., VICI Properties was spun-off late in 2015 as the owner of a diverse portfolio consisting of 20 video gaming centers consisting of Caesars Palace Las Vegas. Its nationwide, geographically varied portfolio includes over 36 million square feet and functions around 14,500 hotel spaces and more than 150 dining establishments, bars and bars.

MGM Growth Characteristic currently owns 11 premier destination resorts in Las Vegas and elsewhere across the United States and one dining and home entertainment complex. The homes collectively make up 27,541 hotel spaces, over 2.65 million convention square video footage, over 100 retail outlets, over 200 food and drink outlets and over 20 home entertainment locations.

MGM stated it thinks that a proposed combination is exceptionally attractive tactically and economically for itself and VICI. The combination of the 2 would produce the biggest triple-net lease REIT and a Top 15 public REIT by enterprise worth.

In addition, the ownership in the combined business would gain from operational synergies, larger potential trading in VICI stock, more efficient expense of capital and additional liquidity as a substantially bigger business.

MGM stated it is working with third party financial and legal advisors and might make a definitive offer within 2 weeks assuming VICI comes to the table.

Mariah makes merry with '' All I Want for Christmas is You' ' at Caesars Palace

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Jeff Kravitz Mariah Carey continues with four more vacation shows at the Colosseum.

Saturday, Dec. 16, 2017|2 a.m.

. If the lavish designs and short-lived ice skating rinks lining the Strip haven’t already brought the vacation spirit to Las Vegas, Mariah Carey sealed the offer at the Colosseum Thursday night.

The superstar’s first-ever Christmas show in Las Vegas– at the very same Caesars Palace location where Carey covered her two-year headlining residency over the summer– was an explosion of vacation glitz, complete with a dancing children’s choir, a check out from a gift-bearing Santa, a number of outfit changes for the constantly fantastic Mimi, and sparkly snowflakes so big the Colosseum’s drapes couldn’t pertain to a complete close.

Carey broadened her annual Christmastime shows in New York City into a mini-tour this year, and though she canceled the very first couple of dates, she performed 3 programs at the Beacon Theatre prior to jetting to Europe for a couple concerts, then getting here in Las Vegas. When her winter wonderland phase was unveiled at the Colosseum at about 8:20 p.m. on December 14, Carey stood on a stack of brilliantly wrapped presents in a glittering white and gold dress singing “Hark! The Herald Angels Sing.”

For the next hour and 25 minutes, she performed other beloved Christmas classics and blended in her own holiday hits too. Her very first big vocal highlight was “Christmas (Baby Please Get Back),” the Phil Spector-Darlene Love struck called the greatest rock-and-roll Christmas tune ever by Rolling Stone magazine in 2010. Carey followed that powerhouse with a similarly strong performance of “The Star,” the song she co-wrote for the animated movie of the exact same name that recently snagged her first Golden World award election.

There was “Quiet Night” and “Pleasure to the World” and “O Holy Night,” and equally attractive black and red gowns. Then, late in the program, a surprise. After Carey had teased a little bit of “Dream” earlier prior to stopping the music and joking, “Wrong program! Sorry, not tonight,” she gave in to fans desires and sang some non-holiday tunes–“Emotions,” “We Belong Together” and “Hero.” Simply when it seemed she had actually developed the energy to its peak, she went back to the stage using a “Nutcracker” styled jacket and black heels, performed the biggest hit of her hitmaking profession “All I Desired for Christmas is You,” and it was all over.

But she’s back for four more shows. Carey performs at the Colosseum at 8 p.m. December 16, 17, 20 and 22 and more details can be found at thecolosseum.com.

Brookfield Makes Big Buy in Houston, Obtains 4.2M-SF Houston Center Office/Retail Complex

J.P. Morgan Cashes Out, Sells Five-Building CBD Complex

Continuing to contribute to its Houston holdings, Brookfield Possession Management, an institutional investment company based in Canada, closed on its purchase of Houston Center, a 4.2 million-square-foot workplace and retail complex in downtown Houston from J.P. Morgan Asset Management.

Houston Center is billed as the biggest commercial home in Houston’s central downtown. It covers a 9.2-acre, 6.5-block website and includes five properties along Fannin and McKinney streets and Lamar Ave., consisting of 3 high-rise office towers and a 16-story office building atop 196,000 square feet of retail space. The complex is presently 71.6 percent leased. Significant tenants include LyondellBasell Chemical Co., Norton Rose Fulbright and Haynes and Boone.

Although a sale price was not launched, regional news reports pegged it at $875 million. Brookfield said it prepares to make extensive restorations to the aging property, which was mainly integrated in the 1970s and 1980s.

“The focus of our redevelopment efforts is going to be on enhancing the general tenant experience,” said Travis Overall, executive vice president and head of the Texas area for Brookfield. “Particularly, we wish to broaden and enhance the offering of features and redefine the general public areas-lobbies, skybridges and plazas,” he told Real estate News Report.com.

The seller, J.P. Morgan Property Management, originally owned Houston Center in collaboration with Crescent Real Estate before purchasing out its partner to become the sole owner of Houston Center.

An HFF financial investment advisory group of senior managing director Jeff Hollinden, executive handling directors Scott Galloway and Mark Gibson and senior director Trent Agnew marketed the home on behalf of the seller.

Brookfield is presently renovating the three-building Allen Center workplace complex on the west side of downtown Houston. Brookfield affiliates also own the DoubleTree hotel in downtown Houston along with Total Plaza and Heritage Plaza.

Additional info is available to CoStar subscribers at COMP # 4070846.

‘Baz’ makes its mark at Palazzo Theatre

When it made its Las Vegas debut in 2015 at Light Nightclub in Mandalay Bay, Baz felt like a little an experiment– something fresh and various in a not likely place, yet plainly targeted at a younger showgoing audience. That wasn’t the right area for the genre-bending show produced by LA-based theatrical company For the Record, however it has actually given that found its footing at the Palazzo Theatre, where last week the cast and team came together to commemorate program No. 400 given that opening there in July 2016.

Just recently renamed Baz: A Musical Mash-Up, the energetic, immersive production notoriously mixes songs and scenes from film visionary Baz Luhrmann’s motion pictures Romeo + Juliet, Moulin Rouge and The Terrific Gatsby. The powerhouse ensemble cast continues to develop buzz for one of the Strip’s many special programs. There really is absolutely nothing else like it. Baz: A Musical Mash-Up at Palazzo Theatre, Tuesday-Sunday, 7 p.m., 702-414-9000.

Lady makes embarrassing car insurance mistake, owns it on social networks

(Source: Alyssa Stringfellow / Facebook) (Source: Alyssa Stringfellow/ Facebook) (Source: Alyssa Stringfellow/ Facebook). Tucson News Now -. Alyssa Stringfellow plainly has an excellent funny bone. She published a quite awkward moment on Facebook for her good friends to obtain an excellent laugh.

All of it began when she attempted to get on her grandmother’s automobile insurance coverage.

The instructions were simple: email the insurance coverage agent her motorist’s license number, date of birth, and an image straight on and a picture taken from each side. Easy enough.

However the agent’s reply revealed her mistake.

” Hello there Alyssa,

I am going to require images like you simply took, other than it has to be of your vehicle.:-RRB-“

Oops!

Alyssa’s grandmother sent her a text stating:” Alyssa Rachael, did you send him images of YOURSELF!? It was supposed to be of your vehicle!”

Thanks for the laugh, Alyssa!

MOBILE USERS: Download our Tucson News Now app for Apple and Android gadgets. Copyright 2017< a href=" http://www.tucsonnewsnow.com" target=" _ blank ” > Tucson News Now. All rights scheduled.

‘Purple Reign’ makes the relocation from Westgate to Tropicana

Wednesday, Nov. 1, 2017|2 a.m.

Jason Tenner has actually taken his “Purple Reign” Prince homage program to so many locations around Las Vegas throughout the years, it’s hard to keep track. But the show has actually never ever been to the Tropicana, till tonight.

After a successful three-year run at the Westgate– including the last year and a half in the historical International Theater– “Purple Reign” begins its brand-new residency this week in another timeless Vegas space, the Tropicana Theater that was once referred to as the Tiffany Theater and house for nearly 50 years to “Les Folies Bergere.”

“Hopefully some of that magic will rub off on ‘Purple Reign’ and we’ll have a show that will last there for a long time,” states Tenner. “I think it’s a testimony to Prince and everything he was an artist that our show has such appeal for people, and can hold down spaces of that size in Vegas. If we deliver it well, it has remaining power.”

Plainly, Tenner and his crew have been providing. “Purple Reign” is among Vegas’ preferred tribute programs and has been around (and explored the country) in some variation for nearly two decades, and Tenner is eagerly anticipating bringing it back to the Strip and assembling with the most recent remodellings at the Trop.

Current modifications to the program will see full bloom when it opens in its brand-new house. A bigger, multi-tiered phase set in usage at Westgate will make the move, and Tenner has actually added 2 brand-new guitarists recently along with additional female entertainers, leading to the addition of a Vanity 6 sector of the show. “Purple Reign” had long consisted of a tribute to Morris Day and the Time, and now the Vanity 6 part recognizes the other act immortalized in the 1984 film “Purple Rain.”

“We have actually included some numbers we didn’t do in the past, things with more choreography we could not do without the ladies like ‘Cream,’ upgraded costuming, and we’re wanting to add some brand-new video elements to the show that should be in prior to completion of the year,” Tenner states. “I don’t want to do a lot of dancers like the typical Vegas thing because I want to keep it all about the music, all performed by this live ensemble, but we are intensifying the production.”

Homing in on the music is essential to maintaining the spirit of Prince. The middle part of the program will be a time to play it loose and experiment, and sometimes even take demands. “We wish to have the ability to do what Prince would do,” he says. “I’ll state, ‘Exactly what do you desire?’ and we’ll take demands. Somebody screamed out ‘Free Bird,’ and we played it. We keep it enjoyable.”

“Purple Reign” debuts at the Trop on Nov. 1 and plays at 9 p.m. Wednesday through Saturday. To find out more, check out troplv.com.

Elton John makes a victorious and inspiring return to Las Vegas

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Denise Truscello Elton John will finish up his “Million Dollar Piano” residency at the Colosseum in the spring of 2018.

Friday, Oct. 13, 2017|midnight

Elton John was in Australia on Oct. 1, getting ready for a postponed go back to his headlining production “The Million Dollar Piano” at the Colosseum in Caesars Palace. The delay was due to a serious bacterial infection he unfortunately picked up while exploring in South America, triggering him to cancel a long string of spring shows in Las Vegas.

“I couldn’t think it,” he said of enjoying reports of the Path 91 shooting from another continent. “This is a town that has actually been so kind to me. I have actually been appearing here throughout my career however a lot considering that 2005 and it has a big location in my heart. Each time something happens like that, a killing like that, it stays in our hearts as artists since we cannot do anything other than play music to attempt and recover the wounds. But it does have a profound impact on us, and I just feel for this town.”

John and his band did whatever they could to heal in his first show back Wednesday night, powering through hits from various ages and individual favorites that resonated with a near capacity Colosseum audience. After opening with “The Bitch is Back” and a powerfully percussive variation of “Bennie and the Jets,” John moved into “Rocket Male” and added a prolonged musical coda, stunning on the keys with some aid from guitarist Davey Johnstone. Three songs in and the audience feared.

Another prolonged jam session trailed the next tune, “Levon” from 1971’s “Madman Across the Water” album. Then it was back to the classics with “Tiny Dancer” and “Your Tune,” the latter which previewed by a brief explanation of how John and longtime composing partner Bernie Taupin have actually crafted their brochure. “We’ve been together 50 years and it’s rather remarkable. We have actually never ever had an argument,” he said. “He gives me a lyric and from the word go, I have actually gone always gone into another space and written the tune. We’ve never ever been in the exact same space when we have actually written a tune, which is probably why we’ve lasted 50 years.”

The 70-year-old legend’s voice ended up being warmer and more flexible for “Your Song,” and he sounded much better and much better as the show went on. “Bye-bye Yellow Brick Road,” “I Guess That’s Why They Call it the Blues” and “I’m Still Standing” came out to play, naturally, but he also dug into “Indian Sunset” (with some dramatic drumming from another legend, percussionist Ray Cooper) and “Empty Garden,” a song composed in 1982 for John’s dear buddy John Lennon. Early, hard-charging hits “Crocodile Rock” and “Saturday Night’s Alright for Combating” worked the audience into a climactic frenzy– and welcomed some onstage– prior to John re-emerged in a hot pink sequined jacket for the finale, “Circle of Life.”

Elton John couldn’t be happier to be back in town, and Las Vegas couldn’t be better to have him. But bear in mind: His residency wraps up in the spring, with final dates set for April 28 to May 19, 2018. This is not a show you want to miss.

“Elton John: The Million Dollar Piano” continues at the Colosseum at Caesars Palace at 7:30 p.m. on Oct. 13, 14, 15, 18, 20, 21, 24, 25, 27 and 28, and Nov. 1, 3 and 4. The program returns once again in February. For additional information, check out thecolosseum.com.

Expert says shooter'' s behavior makes probe tough

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Individuals leave messages at a makeshift memorial for victims of the mass shooting at a music festival, Tuesday, Oct. 3, 2017, in Las Vegas. Authorities stated Stephen Craig Paddock broke windows on the Mandalay Bay gambling establishment and began shooting with a cache of weapons, killing dozens and hurting hundreds at the celebration. (AP Photo/John Locher)

Friday, Oct. 6, 2017|3:58 p.m.

Las Vegas shooter Stephen Craig Paddock’s anti-social personality will only hamper detectives as they try to figure to piece together what caused the shooting.

“It’s very difficult,” said Erroll Southers, the director of homegrown violent extremism studies at the University of Southern California.

“The absence of a social media footprint is likely intentional,” Southers said. “We’re so utilized to in the first 24 to 2 Days having the ability to review social networks posts. If they don’t leave us a note behind or a manifesto behind, and we’re not seeing that, that’s exactly what’s making this longer.

“What’s actually confusing is that we’ve seen him with comparable sort of activity– reserving rooms in other places– so you need to ask yourself the factor he selected Las Vegas and not somewhere else.”

Paddock fired indiscriminately Sunday from his upper-level room at the Mandalay Bay hotel casino at people participating in a c and w celebration below, eliminating dozens and injuring nearly 500 people. The 64-year-old Paddock killed himself as authorities closed in.

Because so few people knew Paddock well, investigators will likely have an even more difficult time arranging through his background to aim to discover any possible leads, Southers stated.

“You do not have any cases of leakage– no one to state who’s he mad at, what his intention is,” Southers stated. “The key to this case right now is the girlfriend.”

“The reason you wish to take part in a fear attack is you wish to accentuate an extremist ideology, you want publicity,” he said. “You desire people to be afraid of what you believe what you do.”