Vici Properties

VICI Properties Inc. Completes Acquisition of Four Properties in Alberta, Canada in Sale-Leaseback Transaction With Century Casinos, Inc.

Retrieved on: 
Wednesday, September 6, 2023

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta, (collectively the “Century Canadian Portfolio”) from Century Casinos, Inc. (NASDAQ: CNTY) (“Century”) for an aggregate purchase price of C$221.7 million (US$162.4 million).

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta, (collectively the “Century Canadian Portfolio”) from Century Casinos, Inc. (NASDAQ: CNTY) (“Century”) for an aggregate purchase price of C$221.7 million (US$162.4 million).
  • The transaction was funded through a combination of proceeds from the partial settlement of forward equity sale agreements and from drawing down funds under the Company’s existing revolving credit facility in Canadian dollars.
  • Simultaneous with the closing of the transaction, the Century Canadian Portfolio was added to the existing triple-net master lease agreement between VICI Properties and Century (the “Century Master Lease”) and annualized rent increased by C$17.3 million (US$12.7 million).
  • The obligations of the tenants under the Century Master Lease continue to be guaranteed by Century Casinos, Inc.

Canyon Ranch to Receive Additional $150 Million Investment in Growth Partnership with VICI Properties

Retrieved on: 
Thursday, July 27, 2023

NEW YORK, July 27, 2023 /PRNewswire/ --Canyon Ranch, a pioneer in destination wellness, today announced the Canyon Ranch–VICI Growth Partnership with VICI Properties (NYSE: VICI) ("VICI Properties"), an experiential focused real estate investment trust, aiming to expand the reach of Canyon Ranch's integrative wellness offerings across North America and beyond. The announcement comes as Canyon Ranch sets its sights on Texas as the first location to debut both a destination resort and Canyon Ranch Wellness Clubs within one market. The inaugural Wellness Club opens this fall in Fort Worth, with a Houston location in the summer of 2024, and the Canyon Ranch Austin resort opens in 2025.

Key Points: 
  • NEW YORK, July 27, 2023 /PRNewswire/ --Canyon Ranch, a pioneer in destination wellness, today announced the Canyon Ranch–VICI Growth Partnership with VICI Properties (NYSE: VICI) ("VICI Properties"), an experiential focused real estate investment trust, aiming to expand the reach of Canyon Ranch's integrative wellness offerings across North America and beyond.
  • The announcement comes as Canyon Ranch sets its sights on Texas as the first location to debut both a destination resort and Canyon Ranch Wellness Clubs within one market.
  • This partnership offers Canyon Ranch the potential to accelerate our growth in an "asset light" manner, growing our reach and expertise.
  • VICI's first investment in Canyon Ranch occurred in October 2022 when it announced its commitment to providing development financing for the Canyon Ranch Austin resort, which has begun construction and is scheduled to open in 2025.

VICI Properties Inc. Announces Second Quarter 2023 Results

Retrieved on: 
Wednesday, July 26, 2023

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended June 30, 2023.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended June 30, 2023.
  • The quarter's results and current liquidity enable VICI to continue in our pursuit of attractive domestic and international growth opportunities across the experiential landscape.
  • “In the second quarter, we continued to expand our international presence through the announced acquisition of four casino properties in Alberta, Canada with our existing tenant and partner, Century Casinos.
  • AFFO per share was $0.54 for the quarter, an increase of 11.9% compared to $0.48 for the quarter ended June 30, 2022.

VICI Properties Inc. Announces Canyon Ranch Growth Partnership

Retrieved on: 
Wednesday, July 26, 2023

VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”) an experiential real estate investment trust, today announced the VICI-Canyon Ranch Growth Partnership, a multi-faceted investment partnership to support the growth of Canyon Ranch, a leading provider of holistic, integrative health and wellness guest experiences.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Company”) an experiential real estate investment trust, today announced the VICI-Canyon Ranch Growth Partnership, a multi-faceted investment partnership to support the growth of Canyon Ranch, a leading provider of holistic, integrative health and wellness guest experiences.
  • The key elements of the partnership include:
    Preferred Equity Investment: VICI committed to an up to $150 million preferred equity investment into the controlling entity of Canyon Ranch (“Canyon Ranch”) to support the growth and expansion of the Canyon Ranch EcosystemTM, including enhancing Canyon Ranch’s existing destination wellness resorts, launching the Canyon Ranch wellness clubs and growing the capabilities of the Canyon Ranch digital platform.
  • Call Right Agreement: VICI entered into a call right agreement whereby VICI will have the option to call the real estate assets of each of Canyon Ranch Tucson and Canyon Ranch Lenox, subject to certain conditions.
  • This partnership offers Canyon Ranch the potential to accelerate our growth in an ‘asset light’ manner, especially if we are able to capitalize on the robust Canyon Ranch economic model by acquiring with VICI conventional resorts that have high potential for conversion to Canyon Ranch resorts, thereby growing the Canyon Ranch network.

VICI Properties Inc. Completes Acquisition of Rocky Gap Casino Resort

Retrieved on: 
Tuesday, July 25, 2023

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire an interest in the land and buildings associated with Rocky Gap Casino Resort (“Rocky Gap”), located in Flintstone, Maryland from Golden Entertainment, Inc. (NASDAQ: GDEN) for an aggregate purchase price of approximately $203.9 million in cash.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire an interest in the land and buildings associated with Rocky Gap Casino Resort (“Rocky Gap”), located in Flintstone, Maryland from Golden Entertainment, Inc. (NASDAQ: GDEN) for an aggregate purchase price of approximately $203.9 million in cash.
  • The transaction was funded through a combination of cash on hand and proceeds from the partial settlement of forward equity sale agreements.
  • Simultaneous with the closing of the transaction, Rocky Gap was added to the existing triple-net master lease agreement between VICI Properties and Century Casinos, Inc. (the “Century Master Lease”) and annualized rent increased by $15.5 million.
  • The tenant’s obligations under the Century Master Lease continue to be guaranteed by Century Casinos, Inc.

Real Estate Development Processes Evolve with Cutting Edge Innovations

Retrieved on: 
Friday, June 2, 2023

NEW YORK, June 2, 2023 /PRNewswire/ -- In recent years, mixed-use real estate development has gained significant momentum worldwide, transforming the way we think about urban spaces. By integrating residential, commercial, and recreational elements into a single project, these developments offer a multitude of benefits for both developers and investors. In recent years, developers started to leverage cutting-edge solutions to streamline construction processes, enhance efficiency, and improve overall project management. The use of Building Information Modeling (BIM) allows for detailed planning and collaboration among various stakeholders, resulting in optimized designs and cost-effective construction methods. As for financing, mixed-use developments require significant investment due to their complex nature. However, the benefits they offer, including diversification and reduced risk, make them an attractive option for both developers and investors. VCI Global Limited (NASDAQ: VCIG), Kilroy Realty Corporation (NYSE: KRC), VICI Properties Inc. (NYSE: VICI), Armada Hoffler Properties, Inc. (NYSE: AHH), Essential Properties Realty Trust, Inc. (NYSE: EPRT)

Key Points: 
  • NEW YORK, June 2, 2023 /PRNewswire/ -- In recent years, mixed-use real estate development has gained significant momentum worldwide, transforming the way we think about urban spaces.
  • In recent years, developers started to leverage cutting-edge solutions to streamline construction processes, enhance efficiency, and improve overall project management.
  • VCI Global Limited (NASDAQ: VCIG), Kilroy Realty Corporation (NYSE: KRC), VICI Properties Inc. (NYSE: VICI), Armada Hoffler Properties, Inc. (NYSE: AHH), Essential Properties Realty Trust, Inc. (NYSE: EPRT)
    A rapidly emerging region for mixed-use real estate development is Southeast Asia.
  • VCI Global Limited (NASDAQ: VCIG) announced yesterday breaking news that, "its wholly owned subsidiary, V Capital Real Estate Sdn Bhd ("V Capital Real Estate") has been engaged as a consultant by Tinta Anggun Engineering Sdn Bhd ("Tinta Anggun").

Real Estate Development Processes Evolve with Cutting Edge Innovations

Retrieved on: 
Friday, June 2, 2023

NEW YORK, June 2, 2023 /PRNewswire/ -- In recent years, mixed-use real estate development has gained significant momentum worldwide, transforming the way we think about urban spaces. By integrating residential, commercial, and recreational elements into a single project, these developments offer a multitude of benefits for both developers and investors. In recent years, developers started to leverage cutting-edge solutions to streamline construction processes, enhance efficiency, and improve overall project management. The use of Building Information Modeling (BIM) allows for detailed planning and collaboration among various stakeholders, resulting in optimized designs and cost-effective construction methods. As for financing, mixed-use developments require significant investment due to their complex nature. However, the benefits they offer, including diversification and reduced risk, make them an attractive option for both developers and investors. VCI Global Limited (NASDAQ: VCIG), Kilroy Realty Corporation (NYSE: KRC), VICI Properties Inc. (NYSE: VICI), Armada Hoffler Properties, Inc. (NYSE: AHH), Essential Properties Realty Trust, Inc. (NYSE: EPRT)

Key Points: 
  • NEW YORK, June 2, 2023 /PRNewswire/ -- In recent years, mixed-use real estate development has gained significant momentum worldwide, transforming the way we think about urban spaces.
  • In recent years, developers started to leverage cutting-edge solutions to streamline construction processes, enhance efficiency, and improve overall project management.
  • VCI Global Limited (NASDAQ: VCIG), Kilroy Realty Corporation (NYSE: KRC), VICI Properties Inc. (NYSE: VICI), Armada Hoffler Properties, Inc. (NYSE: AHH), Essential Properties Realty Trust, Inc. (NYSE: EPRT)
    A rapidly emerging region for mixed-use real estate development is Southeast Asia.
  • VCI Global Limited (NASDAQ: VCIG) announced yesterday breaking news that, "its wholly owned subsidiary, V Capital Real Estate Sdn Bhd ("V Capital Real Estate") has been engaged as a consultant by Tinta Anggun Engineering Sdn Bhd ("Tinta Anggun").

VICI Properties Inc. to Acquire Four Properties in Alberta Canada in Sale-Leaseback Transaction With Century Casinos, Inc.

Retrieved on: 
Wednesday, May 17, 2023

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today announced that it has entered into definitive agreements to acquire the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta, (collectively the “Century Canadian Portfolio”) from Century Casinos, Inc. (NASDAQ: CNTY) (“Century”) for an aggregate purchase price of C$221.7 million (US$164.7 million) in cash.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today announced that it has entered into definitive agreements to acquire the real estate assets of Century Casino & Hotel Edmonton, Century Casino St. Albert and Century Mile Racetrack and Casino, each in Edmonton, Alberta and Century Downs Racetrack and Casino in Calgary, Alberta, (collectively the “Century Canadian Portfolio”) from Century Casinos, Inc. (NASDAQ: CNTY) (“Century”) for an aggregate purchase price of C$221.7 million (US$164.7 million) in cash.
  • Simultaneous with the closing of the transaction, the Century Canadian Portfolio will be added to the existing triple-net master lease agreement between VICI Properties and Century (the “Century Master Lease”) and annual rent will increase by C$17.3 million (US$12.8 million) representing an implied acquisition capitalization rate of 7.8%.
  • The property-level rent coverage ratio under the Century Master Lease, adjusted for the pending acquisition of Rocky Gap Casino Resort and the Century Canadian Portfolio, is expected to be approximately 2.0x.
  • The transaction is expected to be accretive to VICI immediately upon closing.

BrightView Announces CEO Transition

Retrieved on: 
Thursday, May 4, 2023

BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today announced Andrew Masterman will step down from his role as President and Chief Executive Officer (CEO) and member of the Board of Directors, effective May 31, 2023.

Key Points: 
  • BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today announced Andrew Masterman will step down from his role as President and Chief Executive Officer (CEO) and member of the Board of Directors, effective May 31, 2023.
  • Jim Abrahamson, who has served on BrightView’s Board since 2015, will serve as interim President and CEO until a successor is in place.
  • Masterman will serve as an advisor for one month to ensure a smooth transition.
  • “Today, BrightView is the leading commercial landscape design and services company with a recognized brand and high-quality team.

Caesars Entertainment, Inc. Reports First Quarter 2023 Results

Retrieved on: 
Tuesday, May 2, 2023

“On May 1st we fully redeemed the $400 million Caesars Forum Convention Center mortgage note due 2025 resulting in over $32 million in annual interest expense savings.

Key Points: 
  • “On May 1st we fully redeemed the $400 million Caesars Forum Convention Center mortgage note due 2025 resulting in over $32 million in annual interest expense savings.
  • We ended the quarter with total net leverage as calculated under our bank credit facility of 4.2x as of March 31, 2023,” said Bret Yunker, Chief Financial Officer.
  • The Company will host a conference call to discuss its results on May 2, 2023 at 2 p.m. Pacific Time, 5 p.m. Eastern Time.
  • The call will also be accessible on the Investor Relations section of Caesars Entertainment’s website at https://investor.caesars.com .