VICI Properties Inc. Completes Acquisition of Rocky Gap Casino Resort

Rhea-AI Summary

VICI Properties has completed the acquisition of Rocky Gap Casino Resort in Maryland for $203.9 million. The purchase was funded through cash and proceeds from forward equity sale agreements. The addition of Rocky Gap to the existing lease agreement with Century Casinos has increased annual rent by $15.5 million and extended the lease term.

Positive

• VICI Properties has expanded its portfolio by acquiring Rocky Gap Casino Resort, which is expected to generate additional revenue through increased rent. The extended lease term and tenant renewal options provide stability and potential for long-term growth.

Negative

• The acquisition of Rocky Gap Casino Resort required a significant cash investment, which may impact VICI Properties' financial position in the short term.

– Expands Partnership with Century Casinos, Inc. by Adding Fourth Asset to Existing Master Lease –

NEW YORK--(BUSINESS WIRE)-- VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire an interest in the land and buildings associated with Rocky Gap Casino Resort (“Rocky Gap”), located in Flintstone, Maryland from Golden Entertainment, Inc. (NASDAQ: GDEN) for an aggregate purchase price of approximately $203.9 million in cash. The transaction was funded through a combination of cash on hand and proceeds from the partial settlement of forward equity sale agreements.

Simultaneous with the closing of the transaction, Rocky Gap was added to the existing triple-net master lease agreement between VICI Properties and Century Casinos, Inc. (the “Century Master Lease”) and annualized rent increased by $15.5 million.

Additionally, the term of the Century Master Lease was extended such that the lease has a full 15-year initial base lease term, with four 5-year tenant renewal options. The tenant’s obligations under the Century Master Lease continue to be guaranteed by Century Casinos, Inc.

About VICI Properties

VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties’ geographically diverse portfolio consists of 50 gaming facilities across the United States and Canada comprising approximately 124 million square feet and features approximately 60,300 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry leading gaming and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch and Chelsea Piers. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond VICI’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect VICI’s business, results of operations and financial position are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230725268201/en/

Investor Contacts:

Investors@viciproperties.com

(646) 949-4631

Or

David Kieske

EVP, Chief Financial Officer

DKieske@viciproperties.com

Moira McCloskey

SVP, Capital Markets

MMcCloskey@viciproperties.com

Source: VICI Properties Inc.

FAQ

What did VICI Properties acquire?

VICI Properties acquired Rocky Gap Casino Resort in Maryland.

How much did VICI Properties pay for the acquisition?

VICI Properties paid approximately $203.9 million in cash for the acquisition.

How was the acquisition funded?

The acquisition was funded through a combination of cash on hand and proceeds from forward equity sale agreements.

What are the terms of the lease agreement with Century Casinos?

The lease agreement has a full 15-year initial base lease term, with four 5-year tenant renewal options. The tenant's obligations continue to be guaranteed by Century Casinos.