filings.toolsItem 2. PROPERTIES
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Item 2. PROPERTIES
The location and general characteristics of our properties are provided in Part I, Item 1. Business. As detailed in the aforementioned section, the majority of our facilities are subject to leases of the underlying real estate assets, which among other things, includes the land underlying the facility and the buildings used in the operations.
The following table lists certain of our land holdings as of December 31, 2019.
| Approximate | ||||
|---|---|---|---|---|
| Name and Location | Acres | Notes | ||
| Las Vegas Strip Resorts | ||||
| Bellagio(1) | 77 | Approximately two acres of the site are subject to two ground leases.(4) | ||
| MGM Grand Las Vegas(5) | 102 | |||
| Mandalay Bay(2)(5) | 124 | |||
| The Mirage(2) | 77 | |||
| Luxor(2) | 73 | Includes 15 acres of land located across the Las Vegas Strip from Luxor. | ||
| Excalibur(2) | 51 | |||
| New York-New York(2) | 23 | Includes three acres of land related to The Park entertainment district development located between Park MGM and New York-New York. | ||
| Park MGM(2) | 21 | |||
| Regional Operations | ||||
| MGM Grand Detroit (Detroit, Michigan)(2) | 27 | |||
| Beau Rivage (Biloxi, Mississippi)(2) | 42 | 10 acres are subject to a tidelands lease. | ||
| Gold Strike (Tunica, Mississippi)(2) | 24 | |||
| MGM National Harbor (Prince George's County, Maryland)(2) | 23 | All 23 acres are subject to a ground lease. | ||
| Borgata (Atlantic City, New Jersey)(2) | 46 | 11 acres are subject to ground leases. | ||
| MGM Springfield (Springfield, Massachusetts) | 14 | |||
| MGM Northfield Park (Northfield, Ohio)(2) | 113 | |||
| Empire City (Yonkers, New York)(2) | 97 | Includes 57 acres of land adjacent to the property. | ||
| MGM China | ||||
| MGM Macau(3) | 10 | |||
| MGM Cotai(3) | 18 |
| (1) | Subject to a lease agreement between a subsidiary of ours and the Bellagio BREIT Venture, in which the land and the real estate assets are owned and leased from the Bellagio BREIT Venture. |
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| (2) | Subject to a master lease agreement between a subsidiary of ours and a subsidiary of the Operating Partnership, in which the land and the real estate assets are leased from a subsidiary of the Operating Partnership. |
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| (3) | Subject to separate land concession agreements with the Macau government. |
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| (4) | Beginning January 1, 2020, approximately two acres subject to a ground lease with a third party expired, reducing the total acres to approximately 75 acres. |
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| (5) | Beginning February 14, 2020, subject to a master lease agreement between a subsidiary of ours and MGP BREIT Venture, in which the land and the real estate assets are leased from MGP BREIT Venture. |
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As of December 31, 2019, the land and substantially all of the assets of MGM Grand Las Vegas secured the obligations under our senior credit facility. In addition, the senior credit facility was secured by a pledge of the equity or limited liability company interests of the subsidiaries that own MGM Grand Las Vegas and Bellagio. In connection with the MGP BREIT Venture Transaction, on February 14, 2020, we entered into a new unsecured credit agreement which provides that we will grant a security interest in our Operating Partnership units in the future to the extent our leverage ratio exceeds certain thresholds.
The land and substantially all of the assets of MGP’s properties, indicated within the table above, other than MGM National Harbor and Empire City, secure the obligations under the Operating Partnership’s credit agreement. These borrowings are non-recourse to us.
The land and substantially all of the assets of Bellagio secure the obligations under the Bellagio BREIT Venture indebtedness. We provide a shortfall guarantee on the principal amount of such indebtedness (and any interest accrued and unpaid thereon) as further described within “Risk Factors – Risks Related to Our Business.”
The land and substantially all of the assets of MGM Grand Las Vegas and Mandalay Bay secure the obligations under MGP BREIT Venture’s indebtedness. We provide a shortfall guarantee on the principal amount of such indebtedness (and any interest accrued and unpaid thereon) as further described within “Risk Factors – Risks Related to Our Business.”
Other than as described above, none of our properties are subject to any major encumbrance.
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