MGM Resorts International, along with MGM Growth Properties LLC (MGP), the casino operator’s real estate investment trust (REIT), have signed an agreement for the latter to pay $637.5 million for investments in repositioning the Park MGM and NoMad Las Vegas, formerly known as Monte Carlo Resort and Casino.

MGM Resorts CEO Jim Murren, in explaining the move, said, “As we continue to execute our multifaceted strategic plan, and as part of our ongoing efforts to optimize our portfolio, we believe that these prudent investments in our assets will bring substantial value to MGM Resorts, MGP and our respective shareholders.”

The agreement is scheduled to be completed by the first quarter of 2019, according to a joint press release.

MGP CEO James Stewart said, “We intend to fund the consideration through a combination of cash and availability under our credit facility. This transaction will be immediately accretive to our AFFO [adjusted funds from operations] and further demonstrates the power of our business model and partnership with MGM Resorts.”