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UPDATE 2-MGM Resorts to form REIT with 10 properties

(Corrects headline, 2nd bullet and paragraphs 1, 11 to say MGM Resorts is forming a REIT with some assets, and not spinning off some assets into a REIT)

* MGM to maintain control of new REIT

* To contribute 7 Las Vegas, 3 regional properties

* To keep ownership of Bellagio, MGM Grand Las Vegas

* Shareholder had been pressuring for REIT status

* Shares rise more than 9 percent

Oct 29 (Reuters) - MGM Resorts International, under pressure from a shareholder, said it would form a publicly traded real estate investment trust comprising 10 of its properties.

The company's shares rose 9 percent in premarket trading on Thursday.

MGM said it would transfer seven Las Vegas resorts - The Mirage, Mandalay Bay, Monte Carlo, New York-New York, Luxor, Excalibur and The Park - to the REIT, a structure that helps a company save taxes.

The other three resorts are the MGM Grand Detroit in Michigan as well as the Beau Rivage and Gold Strike Tunica in Mississippi.

MGM shareholder Land and Buildings has been putting pressure on the company throughout this year to convert its real estate assets into a REIT and spin off its hotels.

The company said the 10 properties include more than 24,000 hotel rooms and that it will continue to manage and operate the properties.

It will also maintain control of the new company, to be called MGM Growth Properties LLC.

MGM said it would retain full ownership of the Bellagio and MGM Grand Las Vegas, among its most profitable operations, which together accounted for about 46 percent of its wholly owned domestic resorts' operating income in 2014.

The six Las Vegas resorts, excluding The Park entertainment district, contributed about 35 percent of wholly owned domestic resorts' operating income in 2014.

MGM's rivals Penn National Gaming Inc and Pinnacle Entertainment Inc have already announced moves spin off their real estate assets into REITs.

MGM said it expects to complete the transaction by the first quarter of 2016.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Don Sebastian and Savio D'Souza)