VICI Properties Inc. - VICI STOCK NEWS

VICI Properties Inc. (NYSE: VICI) announced its CEO, Edward Pitoniak, discussed a new partnership with Canyon Ranch on CNBC’s “Mad Money” on October 18, 2022. This collaboration marks VICI's entry into the wellness sector, focusing on the development of Canyon Ranch Austin. VICI is known for its extensive portfolio of gaming and hospitality properties, including renowned venues like Caesars Palace and MGM Grand. The company aims to enhance its experiential real estate portfolio through strategic investments.

VICI Properties Inc. (NYSE: VICI) has announced a $200 million delayed draw term loan facility to fund the development of Canyon Ranch Austin, a new wellness resort in Austin, Texas. This investment positions VICI in the rapidly growing place-based wellness sector. The company holds a call right to acquire the real estate of Canyon Ranch Austin upon stabilization and options for properties in Tucson and Lenox should they become available. Canyon Ranch Austin is expected to welcome guests in 2025, adding to the existing wellness portfolio of Canyon Ranch.

VICI Properties Inc. (NYSE: VICI) announced plans to release its third quarter 2022 financial results on October 27, 2022, post-market. Following this, the company will host a conference call on October 28, 2022, at 9:00 a.m. ET. Interested investors can access the call via telephone or through an audio webcast on the company's website. VICI Properties, an S&P 500 real estate investment trust, owns a significant portfolio of gaming and hospitality properties, including iconic venues like Caesars Palace and the MGM Grand.

VICI Properties Inc. (NYSE: VICI) has entered a management agreement with CDN Golf Management Inc. to operate its four golf courses: Cascata, Rio Secco, Grand Bear, and Chariot Run. CDN will oversee all day-to-day operations, and VICI will retain ownership within its Taxable REIT Subsidiary. The agreement, effective October 1, 2022, spans 20 years with two renewal options. John Payne, COO of VICI, expressed confidence in CDN's management enhancing the courses and employee integration.

VICI Properties Inc. (NYSE: VICI) announced a mezzanine loan of up to $127.0 million to Great Wolf Resorts, Inc. for the development of the Great Wolf Lodge Gulf Coast Texas, a family resort project costing over $200 million in Webster, TX. This is VICI's third mezzanine loan investment with Great Wolf, totaling $265.5 million as part of a strategic commitment of up to $300 million to support Great Wolf's resort pipeline. The lodge is expected to open in mid-to-late 2024.

VICI Properties Inc. (NYSE: VICI) has declared a quarterly cash dividend of $0.39 per share, marking an 8.3% increase and representing an annualized amount of $1.56 per share. This dividend is payable on October 6, 2022 to shareholders of record as of September 22, 2022. This announcement signifies the company's fifth consecutive annual dividend increase since its formation, highlighting its commitment to returning value to shareholders.

VICI Properties Inc. has announced a definitive agreement to acquire Rocky Gap Casino Resort from Golden Entertainment for $260 million. The acquisition includes approximately $203.9 million for the property and $56.1 million for operating assets. This transaction will be instantly accretive, increasing annual rent by $15.5 million and extending the Century Master Lease by 15 years. The deal is expected to close mid-2023, pending regulatory approvals.

Golden Entertainment announced the sale of Rocky Gap Casino Resort for a total cash consideration of $260 million. Century Casinos will acquire operations for $56.1 million, while VICI Properties will purchase the land and buildings for $203.9 million. The deal reflects about 10x Adjusted Property EBITDA for the trailing twelve months ended June 30, 2022. Expected to close by mid-2023 pending regulatory approvals, this transaction aims to enhance Golden's focus on core markets and is seen as a strategic move to improve financial flexibility and shareholder value.

Century Casinos announced a definitive agreement to acquire the operations of Rocky Gap Casino Resort for approximately $56 million. The acquisition will be funded using cash from the company's balance sheet. VICI Properties will acquire the real estate assets for about $204 million and amend the lease to include Rocky Gap, with an initial rent of approximately $15.5 million annually. The deal, expected to close mid-2023, is projected to be immediately accretive to earnings, with Rocky Gap reporting a net operating revenue of $78 million and an Adjusted EBITDA of $27 million in 2021.