Vici Properties

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

Retrieved on: 
Wednesday, May 17, 2023
Commercial Building & Real Estate, Casino, Gaming, Construction & Property, Entertainment, Lodging, Destinations, Other Construction & Property, Vacation, Travel, Century Casinos, Partnership, Tenant, Century Downs Racetrack and Casino, US, Acquisition, VICI, Rocky Gap State Park, Century Mile Racetrack and Casino, NYSE, Vici Properties

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
Other Construction & Property, Construction & Property, Landscape, Aimbridge Hospitality, Omnichannel, University, Partnership, Hilton Worldwide, BV, REIT, Hyatt, Masterman, Sale, Business administration, Abrahamson, IHG Hotels & Resorts, Marcus Corporation, VICI, Knowledge, Growth, Interstate Highway System, NYSE, Independent Board for Presbyterian Foreign Missions, Vici Properties, Safety, Brightview, Management

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
Other Entertainment, Lodging, Destinations, Travel, Online, Casino, Gaming, Tourist Attractions, Entertainment, CEI, Line of credit, Sale, Public expenditure, PIN, EBITDA, Investment, GLPI, Depreciation, Baltimore, Vici Properties, Bank, Bookkeeping, Adjustment

“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 .

VICI Properties Inc. Announces First Quarter 2023 Results

Retrieved on: 
Monday, May 1, 2023
Entertainment, Commercial Building & Real Estate, Lodging, Construction & Property, Travel, REIT, Casino, Gaming, Exercise, Gold Strike Tunica, Foxwoods Resort Casino, MGM Grand Las Vegas, MGM, Total, Partnership, MGM Resorts International, Las Vegas Strip, Mashantucket Pequot Tribe, Line of credit, Cherokee Nation, Cherokee Nation Businesses, Tenant, Gold Strike, Sale, FFO, ATM, Credit Accumulation and Transfer Scheme, Acquisition, Gold, VICI, Growth, Cherokee, Credit, Hand, NYSE, MGM Growth Properties, Vici Properties, PURE, Pure (Canadian band), Real estate, Holding company, Video game, Security (finance), Hard rock

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today reported results for the quarter ended March 31, 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 March 31, 2023.
  • VICI’s international expansion opens up a new frontier of investment opportunities as VICI aims to be an owner of premier global experiential real estate.
  • AFFO per share was $0.53 for the quarter, an increase of 18.6% compared to $0.44 for the quarter ended March 31, 2022.
  • In March 2023, the Company entered into two forward-starting interest rate swap agreements with an aggregate notional amount of $250.0 million.

FAT Brands Announces Ken Kuick and Rob Rosen as Co-CEOs

Retrieved on: 
Monday, May 1, 2023
Diamond, Capital market, Noodles & Company, FAT, Caesars Entertainment, Wall Street, Twin Peaks, The Bank of Tokyo, Ecologic Brands, Inc., Kidder, Peabody & Company, FAT Brands, Growth, FleetBoston Financial, Bank, Vici Properties, Management

LOS ANGELES, May 01, 2023 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. announces Ken Kuick and Rob Rosen as Co-CEOs, effective May 5, 2023. As previously announced, Andy Wiederhorn will step down as CEO and continue in his role as Chairman of the Board, where he will focus on the strategic direction of the company, the allocation of capital, and ensuring the management team executes the Company’s business plan while maintaining quality restaurant operations.

Key Points: 
  • Brands Inc. announces Ken Kuick and Rob Rosen as Co-CEOs, effective May 5, 2023.
  • Mr. Kuick and Mr. Rosen will also continue in their respective roles as Chief Financial Officer and Executive Vice President of Capital Markets while assuming the Co-CEO role.
  • “Over the last few years, Ken and Rob have played a tremendous role in the unprecedented growth of FAT Brands,” said Andy Wiederhorn, CEO of FAT Brands.
  • “In the near term, Ken and I will look to build on the strong foundation FAT Brands has already laid, which includes our robust growth pipeline, exciting innovations, and a commitment to our franchisees and customers.”
    For more information on FAT Brands, visit www.fatbrands.com .

VICI Properties Inc. Enters Into Lease Agreement With Cherokee Nation Businesses Related to the Gold Strike Casino Resort in Tunica, MS

Retrieved on: 
Thursday, February 16, 2023
Commercial Building & Real Estate, Construction & Property, Lodging, Destinations, Travel, REIT, Casino, Gaming, Entertainment, VICI, Gold Strike Tunica, Cherokee Nation Businesses, NYSE, Acquisition, MGM Resorts International, Vici Properties, Cherokee Nation, MGM, CNE, Gold Strike, Kramer Levin Naftalis & Frankel, CNB, CPI, Property management, L.L.C

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that, in connection with the acquisition of the operations of Gold Strike Casino Resort (“Gold Strike”) by CNE Gaming Holdings, L.L.C., an indirect subsidiary of Cherokee Nation Businesses, L.L.C.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that, in connection with the acquisition of the operations of Gold Strike Casino Resort (“Gold Strike”) by CNE Gaming Holdings, L.L.C., an indirect subsidiary of Cherokee Nation Businesses, L.L.C.
  • (“CNB”), VICI has entered into a triple-net lease agreement with CNB with respect to the real property associated with Gold Strike.
  • Annual base rent payments under the Company’s master lease with MGM Resorts International (NYSE: MGM) (“MGM”) have been reduced by $40.0 million, to a total of $730.0 million, to account for MGM’s divestiture of the operations of Gold Strike.
  • Kramer Levin Naftalis & Frankel LLP served as legal counsel to VICI Properties.

MGM RESORTS INTERNATIONAL ANNOUNCES COMPLETION OF THE SALE OF THE OPERATIONS OF GOLD STRIKE TUNICA

Retrieved on: 
Thursday, February 16, 2023
CFO, VICI, Cherokee Nation Businesses, Weil, Gotshal & Manges, MGM Resorts International, NYSE, Vici Properties, Sale, Gold Strike Tunica, MGM, CNE, Gold Strike, Depreciation, Tax, L.L.C

LAS VEGAS, Feb. 15, 2023 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced it has closed on the sale of the operations of Gold Strike Tunica ("Gold Strike") to CNE Gaming Holdings, L.L.C., a subsidiary of Cherokee Nation Businesses, for $450 million in cash.

Key Points: 
  • LAS VEGAS, Feb. 15, 2023 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced it has closed on the sale of the operations of Gold Strike Tunica ("Gold Strike") to CNE Gaming Holdings, L.L.C., a subsidiary of Cherokee Nation Businesses, for $450 million in cash.
  • "Gold Strike is an iconic property in Mississippi, and the employees there represent southern hospitality at its finest," said Bill Hornbuckle, CEO & President, MGM Resorts International.
  • "I wish Gold Strike well, and firmly believe a bright future is ahead for this property."
  • At the closing of the transaction, MGM Resorts' master lease with VICI Properties, Inc. (NYSE: VICI) that currently includes the Gold Strike property will be amended to reduce the annual rent by $40 million to account for the Company's sale of the operations of Gold Strike.

VICI Properties Inc. Announces Closing of Upsized Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Retrieved on: 
Wednesday, January 18, 2023
Entertainment, Other Travel, Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Destinations, Construction & Property, Travel, Other Entertainment, Tourist Attractions, REIT, Casino, Gaming, Form, Baird, Security (finance), Barclays, Public expenditure, 2nd Floor (Nina song), Trust, Broadridge Financial Solutions, Stifel, Vici Properties, Morgan Stanley, 3rd Floor, Exercise, Goldman Sachs, NYSE, Partnership, Scotiabank, Attention, Wells Fargo, BofA Securities, Varick Street, Sale, CBRE, Acquisition, BNP PARIBAS, KeyBank, Deutsche Bank, J. P. Morgan, Form S-3, Citibank, Citigroup

Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan acted as joint book-running managers for the offering, and as representatives of the underwriters in the offering.

Key Points: 
  • Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan acted as joint book-running managers for the offering, and as representatives of the underwriters in the offering.
  • Baird, KeyBanc Capital Markets, Raymond James and SMBC Nikko acted as senior co-managers in the offering.
  • CBRE, Ladenburg Thalmann, Macquarie Capital, Stifel and Wolfe Capital Markets and Advisory acted as co-managers in the offering.
  • and J.P. Morgan (or their respective affiliates) (the “forward purchasers”) with respect to the shares of common stock covered by the offering.

VICI Properties Inc. Announces Pricing of Upsized Public Offering of Common Stock

Retrieved on: 
Friday, January 13, 2023
Residential Building & Real Estate, Construction & Property, REIT, Baird, Barclays, Public expenditure, 2nd Floor (Nina song), Trust, Broadridge Financial Solutions, Stifel, Vici Properties, Morgan Stanley, 3rd Floor, Goldman Sachs, NYSE, Partnership, Scotiabank, Attention, Wells Fargo, BofA Securities, Varick Street, Sale, CBRE, Acquisition, BNP PARIBAS, KeyBank, Deutsche Bank, J. P. Morgan, Exercise, Prospectus, Citibank, Security (finance), Citigroup

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, announced today the pricing of an upsized underwritten public offering of 26,350,000 shares of its common stock at a public offering price of $33.00 per share, all of which will be offered on a forward basis through the forward purchasers (as defined below) or their respective affiliates in connection with the forward sale agreements described below.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, announced today the pricing of an upsized underwritten public offering of 26,350,000 shares of its common stock at a public offering price of $33.00 per share, all of which will be offered on a forward basis through the forward purchasers (as defined below) or their respective affiliates in connection with the forward sale agreements described below.
  • The offering is expected to close on January 18, 2023, subject to customary closing conditions.
  • Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering, and as representatives of the underwriters in the offering.
  • and J.P. Morgan (or their respective affiliates) (the “forward purchasers”) with respect to the shares of common stock covered by the offering.

VICI Properties Inc. Announces Public Offering of Common Stock

Retrieved on: 
Thursday, January 12, 2023
Commercial Building & Real Estate, Construction & Property, Lodging, Travel, REIT, Casino, Gaming, Other Construction & Property, Entertainment, Public expenditure, 2nd Floor (Nina song), Trust, Broadridge Financial Solutions, Vici Properties, Morgan Stanley, 3rd Floor, NYSE, Partnership, Attention, BofA Securities, Varick Street, Sale, Acquisition, Prospectus, J. P. Morgan, Exercise, Citibank, Security (finance), Citigroup

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, announced today that it has commenced an underwritten public offering of 24,000,000 shares of its common stock, all of which will be offered on a forward basis through the forward purchasers (as defined below) or their respective affiliates in connection with the forward sale agreements described below.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, announced today that it has commenced an underwritten public offering of 24,000,000 shares of its common stock, all of which will be offered on a forward basis through the forward purchasers (as defined below) or their respective affiliates in connection with the forward sale agreements described below.
  • The underwriters of the offering also expect to be granted a 30-day option to purchase up to an additional 3,600,000 shares of the Company’s common stock from the forward purchasers solely to cover over-allotments, if any.
  • Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are acting as joint book-running managers for the offering.
  • and J.P. Morgan (or their respective affiliates) (the “forward purchasers”) with respect to the shares of common stock covered by the offering.