MGM Resorts International on Feb. 13 launched a modified Dutch auction tender offer to repurchase up to $1.25 billion of its shares at a price between $29 and $34 per share.

The offer will expire at 12 a.m. ET on March 12.

The Las Vegas-based hotel and casino operator said it may exercise its right to purchase up to an additional 2% of its outstanding shares if the shares were tendered at or below the aggregate purchase price.

On Jan. 14, subsidiary MGM Growth Properties LLC formed a joint venture with Blackstone Real Estate Income Trust Inc. to buy the real estate assets of MGM Grand-Las Vegas and Mandalay Bay casinos in Las Vegas for $4.6 billion. MGM Growth Properties will own a 50.1% stake in the joint venture while the rest will be owned by Blackstone subsidiary BCORE Windmill Parent LLC.

MGM is expected to receive about $2.4 billion in cash and operating partnership units of 5% of the joint venture's equity value in exchange for its contribution of the MGM Grand-Las Vegas real estate assets.

The transaction is expected to close on or before Feb. 19.

MGM said the repurchase of shares will allow it to return value to its shareholders following the closing of the real estate transaction and its receipt of the proceeds.

JPMorgan Securities LLC and BofA Securities Inc. were dealer managers for the tender offer, while Georgeson LLC was the information agent.