Vici Properties

Fontainebleau Las Vegas Secures $2.2 Billion in Financing to Complete Construction

Retrieved on: 
Friday, December 23, 2022

A partnership between Fontainebleau Development, a builder, owner, and operator of luxury hospitality, commercial, and retail properties, and Koch Real Estate Investments (KREI), the real estate investment arm of Koch Industries, has secured – with J.P. Morgan as administrative agent – a $2.2 billion construction loan to complete Fontainebleau Las Vegas, the highly anticipated 67-story hotel, gaming, meeting, and entertainment destination coming to the north end of the Las Vegas Strip.

Key Points: 
  • A partnership between Fontainebleau Development, a builder, owner, and operator of luxury hospitality, commercial, and retail properties, and Koch Real Estate Investments (KREI), the real estate investment arm of Koch Industries, has secured – with J.P. Morgan as administrative agent – a $2.2 billion construction loan to complete Fontainebleau Las Vegas, the highly anticipated 67-story hotel, gaming, meeting, and entertainment destination coming to the north end of the Las Vegas Strip.
  • The financing, a monumental achievement for both companies following their joint acquisition of the property in 2021, keeps construction on schedule and paves the way for Fontainebleau Las Vegas to make its global debut in the fourth quarter of 2023.
  • “This is a milestone for Fontainebleau Las Vegas and stands as a testament to the tremendous dedication of our team and our partners at Koch Real Estate Investments,” says Fontainebleau Development President Brett Mufson.
  • Upon completion, Bowtie Hospitality LLC, a subsidiary of Fontainebleau Development, will be the sole operator of Fontainebleau Las Vegas.

VICI Properties Inc. and Foundation Gaming Announce Sale Leaseback Transaction

Retrieved on: 
Thursday, December 22, 2022

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”), an experiential real estate investment trust, and Foundation Gaming & Entertainment, LLC (“Foundation Gaming”) announced jointly today that VICI has acquired the real estate assets of the Fitz Casino & Hotel (“Fitz”), located in Tunica, Mississippi, and the WaterView Casino & Hotel (“WaterView”), located in Vicksburg, Mississippi, from Foundation Gaming for an aggregate purchase price of $293.4 million.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”), an experiential real estate investment trust, and Foundation Gaming & Entertainment, LLC (“Foundation Gaming”) announced jointly today that VICI has acquired the real estate assets of the Fitz Casino & Hotel (“Fitz”), located in Tunica, Mississippi, and the WaterView Casino & Hotel (“WaterView”), located in Vicksburg, Mississippi, from Foundation Gaming for an aggregate purchase price of $293.4 million.
  • Simultaneous with the acquisition, VICI entered into a triple-net master lease agreement with subsidiaries of Foundation Gaming (the “Foundation Master Lease”) related to the assets.
  • The rent coverage ratio in the first year after closing is expected to be approximately 2.0x and the tenants’ obligations under the lease are guaranteed by the parent entity, Foundation Gaming.
  • Danny Valoy, Vice President of Acquisitions and Finance of VICI Properties, said, “We are excited to partner with the experienced team at Foundation Gaming given their track record of value creation in regional gaming markets.

Land & Buildings Issues Presentation Highlighting Opportunity to Unlock Substantial Real Estate Value at Six Flags

Retrieved on: 
Wednesday, December 21, 2022

The presentation is available at: https://bit.ly/3HStjkx

Key Points: 
  • The presentation is available at: https://bit.ly/3HStjkx
    “Six Flags is an iconic brand with a tremendous value creation opportunity in front of it,” said Land & Buildings Founder and Chief Investment Officer, Jonathan Litt.
  • This strategy of separating the real estate and operator is a structure we have seen succeed in maximizing value of numerous hospitality and leisure companies that we’ve invested in historically.
  • We look forward to continuing our constructive dialogue with leadership and helping the Company to realize the potential of Six Flags for all shareholders.”
    Key takeaways from the presentation include:
    Six Flags could add $11 per share today by unlocking its real estate value.
  • L&B is assuming conservative estimates of value and that Six Flags could drive 50% upside to the shares in 2023 and over 100% in the next 18 months.

VICI Properties Inc. Enters Into Lease Agreement with Hard Rock International related to the Mirage Hotel & Casino in Las Vegas

Retrieved on: 
Monday, December 19, 2022

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that, in connection with Hard Rock International’s (“Hard Rock”) acquisition of the operations of the Mirage Hotel & Casino (the “Mirage”), the Company has entered into a triple-net lease agreement with Hard Rock with respect to the real property associated with the Mirage.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that, in connection with Hard Rock International’s (“Hard Rock”) acquisition of the operations of the Mirage Hotel & Casino (the “Mirage”), the Company has entered into a triple-net lease agreement with Hard Rock with respect to the real property associated with the Mirage.
  • As part of this transaction, VICI Properties may fund Hard Rock’s planned redevelopment of the Mirage through VICI’s Partner Property Growth Fund.
  • Specific terms of the redevelopment and related funding remain under discussion and subject to final documentation between VICI and Hard Rock.
  • VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.

VICI Properties Inc. Declares Regular Quarterly Dividend

Retrieved on: 
Thursday, December 8, 2022

VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.39 per share of common stock for the period from October 1, 2022 to December 31, 2022.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.39 per share of common stock for the period from October 1, 2022 to December 31, 2022.
  • VICI Properties national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks.
  • VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.
  • VICI Properties strategy is to create the nations highest quality and most productive experiential real estate portfolio.

VICI Properties Inc. Announces Agreement to Provide Capital Through Its Partner Property Growth Fund for Century Casinos’ Expansion

Retrieved on: 
Monday, December 5, 2022

VICI Properties Inc. (NYSE: VICI) (the Company or VICI or VICI Properties) announced today that it will utilize its Partner Property Growth Fund to provide capital for an exciting expansion project for Century Casinos, Inc. (NASDAQ: CNTY) (Century or Century Casinos).

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (the Company or VICI or VICI Properties) announced today that it will utilize its Partner Property Growth Fund to provide capital for an exciting expansion project for Century Casinos, Inc. (NASDAQ: CNTY) (Century or Century Casinos).
  • The project consists of a new land-based casino with an adjacent 38-room hotel tower at Century Casino Caruthersville, located in Caruthersville, Missouri.
  • John Payne, President and Chief Operating Officer of VICI Properties, said, We are very excited to continue to grow our partnership with Century by funding this expansion project through our Partner Property Growth Fund.
  • Since we jointly acquired three regional assets in 2019, the Century team has significantly enhanced performance at the properties by fine-tuning operations and focusing intently on customer satisfaction.

VICI Properties Inc. CEO Edward Pitoniak Appears on CNBC’s “Power Lunch”

Retrieved on: 
Friday, December 2, 2022

VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential real estate investment trust, today announced that its CEO, Edward Pitoniak, appeared as a featured guest on CNBCs Power Lunch on Thursday, December 1, 2022.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential real estate investment trust, today announced that its CEO, Edward Pitoniak, appeared as a featured guest on CNBCs Power Lunch on Thursday, December 1, 2022.
  • Mr. Pitoniak discussed VICI Properties recently announced acquisition of the remaining 49.9% interest in the MGM Grand Las Vegas and Mandalay Bay joint venture.
  • VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip.
  • VICI Properties strategy is to create the nations highest quality and most productive experiential real estate portfolio.

VICI Properties Inc. to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture From Blackstone Real Estate Income Trust, Inc.

Retrieved on: 
Thursday, December 1, 2022

The properties, situated at the south end of the Las Vegas Strip in Las Vegas, Nevada, are subject to an existing triple-net lease agreement between the joint venture and MGM Resorts International (NYSE: MGM).

Key Points: 
  • The properties, situated at the south end of the Las Vegas Strip in Las Vegas, Nevada, are subject to an existing triple-net lease agreement between the joint venture and MGM Resorts International (NYSE: MGM).
  • Edward Pitoniak, Chief Executive Officer of VICI Properties, said, We have been honored to be BREITs partner in the MGM Grand Las Vegas / Mandalay Bay joint venture and this transaction further demonstrates the ability of Blackstone and VICI to work together productively, now and in the future.
  • The MGM Grand Las Vegas / Mandalay Bay triple-net lease has a remaining initial lease term of approximately 27 years (expiring in 2050) with two ten-year tenant renewal options.
  • Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors.

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

Retrieved on: 
Friday, November 4, 2022

VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential asset real estate investment trust, today announced the pricing of an underwritten public offering of 16,500,000 shares of its common stock subject to the forward sale agreements described below, which will result in approximately $509.9 million of gross proceeds (assuming such forward sale agreements are physically settled) before any offering expenses.

Key Points: 
  • VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential asset real estate investment trust, today announced the pricing of an underwritten public offering of 16,500,000 shares of its common stock subject to the forward sale agreements described below, which will result in approximately $509.9 million of gross proceeds (assuming such forward sale agreements are physically settled) before any offering expenses.
  • (or their respective affiliates) (the forward purchasers) with respect to the shares of common stock covered by the offering.
  • The Company will not initially receive any proceeds from the sale of shares of common stock by the forward purchasers or their respective affiliates.
  • VICI Properties also owns four championship golf courses and 34 acres of undeveloped or underdeveloped land adjacent to the Las Vegas Strip.

VICI Properties Inc. Announces Public Offering of Common Stock

Retrieved on: 
Thursday, November 3, 2022

VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential asset real estate investment trust, today announced it has commenced an underwritten public offering of 16,500,000 shares of its common stock, all of which are expected to be offered on a forward basis through the forward purchasers 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 asset real estate investment trust, today announced it has commenced an underwritten public offering of 16,500,000 shares of its common stock, all of which are expected to be offered on a forward basis through the forward purchasers 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 2,475,000 additional shares of the Companys common stock.
  • (or their respective affiliates) (the forward purchasers) with respect to the shares of common stock covered by the offering.
  • VICI Properties also owns four championship golf courses and 34 acres of undeveloped or underdeveloped land adjacent to the Las Vegas Strip.