VICI Properties Inc. - VICI STOCK NEWS

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.

VICI Properties has signed an agreement to acquire BREIT's 49.9% interest in the joint venture owning MGM Grand Las Vegas and Mandalay Bay for approximately $1.27 billion. This acquisition also involves VICI assuming BREIT’s share of property-level debt of $3 billion, maturing in 2032. The properties are subject to a triple-net lease with MGM Resorts, yielding annual rents of $310 million. The deal is expected to be accretive to VICI's AFFO per share and is anticipated to close in early 2023.

VICI Properties Inc. (NYSE: VICI) announced a public offering of 16,500,000 shares of common stock, which could generate approximately $509.9 million in gross proceeds before expenses. The offering is expected to close on November 8, 2022. An additional option for underwriters to purchase 2,475,000 shares may increase proceeds to $586.3 million. The funds will support property acquisitions, development, loans, and general corporate purposes. The offering is made under an effective shelf registration statement.

VICI Properties Inc. (NYSE: VICI) has announced a public offering of 16,500,000 shares of common stock, with an option for underwriters to purchase an additional 2,475,000 shares. The offering will occur through forward sale agreements, with BofA Securities and Citigroup acting as underwriters. While VICI will not receive immediate proceeds from this offering, any future cash raised will aid in property acquisitions, developments, and corporate purposes. The offering is conducted under an effective shelf registration statement, with the transaction details available via specified underwriters.

PENN Entertainment reported Q3 2022 results, achieving $1.6 billion in revenue, a 7.5% year-over-year increase. Net income rose to $123.2 million with a net income margin of 7.6%, up from 5.7% in the prior year. Adjusted EBITDA reached $440.4 million, a 20.9% increase, while Adjusted EBITDAR decreased by 1.7% to $471.9 million, with a margin of 29.0%. The company continues to pursue growth through new land-based facilities and a strong omnichannel strategy, reaffirming its full-year guidance for revenue between $6.15 billion and $6.55 billion.