VICI Properties Inc. - VICI STOCK NEWS

VICI Properties Inc. has successfully completed the acquisition of a 49.9% interest in the joint venture owning MGM Grand Las Vegas and Mandalay Bay from Blackstone Real Estate Income Trust for approximately $1.27 billion. VICI will also assume a $3 billion property-level debt due in 2032 at a 3.558% interest rate. The acquisition includes a triple-net lease with MGM Resorts generating about $310 million annually, escalating at 2% annually until 2035. The lease term extends until 2050, with two renewal options.

VICI Properties Inc. (NYSE: VICI) has acquired the real estate assets of PURE Canadian Gaming Corp.'s casinos in Edmonton, Calgary, and Lethbridge for approximately C$271.9 million (US$200.8 million). This acquisition marks VICI's first international investment and aims to diversify its tenant roster with a long-term partnership with PURE. The deal includes a triple-net lease with an annual rent of C$21.8 million (US$16.1 million), reflecting an 8.0% capitalization rate and a 25-year term with renewal options. The transaction is expected to be immediately accretive to VICI's earnings.

VICI Properties Inc. (NYSE: VICI) will announce its fourth quarter and full year 2022 financial results on February 23, 2023, post-market. A conference call is scheduled for February 24, 2023, at 9:00 a.m. ET. Investors can join via phone or listen to a live audio webcast on VICI's website. An audio replay will be accessible from February 24 to March 3, 2023. VICI holds a significant portfolio of gaming and hospitality assets, including iconic venues like Caesars Palace and MGM Grand, totaling over 123 million square feet and approximately 59,300 hotel rooms.

VICI Properties (NYSE: VICI) has announced it will provide up to $350 million in mezzanine loan financing to a partnership involving Fontainebleau Development and Koch Real Estate Investments for the construction of Fontainebleau Las Vegas. This upcoming 67-story hotel and entertainment destination is set to feature approximately 3,700 luxury hotel rooms and 550,000 square feet of meeting space, scheduled for opening in Q4 2023. This partnership aims to enhance the vitality of the Las Vegas Strip and bolster VICI’s growth prospects.

VICI Properties has announced the acquisition of the Fitz Casino & Hotel and WaterView Casino & Hotel from Foundation Gaming for $293.4 million. This transaction will be financed with cash on hand and is anticipated to be immediately accretive. The deal includes a triple-net master lease with an initial annual rent of $24.25 million, resulting in a capitalization rate of 8.3%. The first-year rent coverage ratio is expected to be around 2.0x, with a lease term of 15 years and options for renewal.

VICI Properties has signed a triple-net lease agreement with Hard Rock International for the Mirage Hotel & Casino, following Hard Rock's acquisition of the property. The lease initiates with annual rent of $90 million for a term of 25 years, with options for renewal every ten years. Rent will increase by 2% annually. This transaction decreases MGM Resorts' annual base rent under its master lease with VICI by $90 million to $770 million. VICI may also fund redevelopment plans for the Mirage through its Partner Property Growth Fund.

VICI Properties Inc. (NYSE: VICI) has declared a quarterly cash dividend of $0.39 per share for the period from October 1, 2022 to December 31, 2022. This cash dividend will be payable on January 5, 2023 to shareholders on record as of December 22, 2022. VICI Properties owns a diversified portfolio including notable venues like Caesars Palace and MGM Grand, encompassing 43 gaming facilities and more than 58,700 hotel rooms.

VICI Properties Inc. (NYSE: VICI) announced its plan to use its Partner Property Growth Fund to finance a new expansion for Century Casinos, Inc. (NASDAQ: CNTY). This includes a land-based casino and a 38-room hotel at Century Casino Caruthersville, Missouri, with a total project cost of about $51.9 million. Upon project completion, annual rent under the existing master lease will increase by $4.2 million. The new casino will replace the last riverboat casino in Missouri, expanding gaming options with 650 slot machines.

VICI Properties Inc. (NYSE: VICI) recently announced its CEO, Edward Pitoniak, appeared on CNBC’s 'Power Lunch' discussing the acquisition of the remaining 49.9% interest in MGM Grand Las Vegas and Mandalay Bay joint ventures. This acquisition expands VICI's already substantial portfolio, which includes 43 gaming facilities across 122 million square feet, featuring approximately 58,700 hotel rooms and over 450 dining and entertainment options. VICI aims to bolster its leadership in the experiential real estate market.