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VICI Properties Inc. Provides Construction Financing to Great Wolf Lodge in the Northeast
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Rhea-AI Summary
VICI Properties Inc. (NYSE: VICI) has announced a construction loan of up to $287.9 million to Great Wolf Resorts for the development of a new Great Wolf Lodge in Mashantucket, Connecticut. This resort will feature 549 rooms and an indoor water park, scheduled to open in mid-2025. This marks VICI’s fourth loan investment with Great Wolf, totaling $553.4 million in capital commitments to support their development pipeline. VICI Properties, a leader in experiential real estate investment, owns a diverse portfolio of gaming and hospitality properties across the US and Canada.
Positive
Agreement for a $287.9 million construction loan enhances growth opportunities.
Total capital commitment with Great Wolf now stands at $553.4 million, indicating strong partnership and investment strategy.
Development of a 549-room indoor water park resort expected to drive future revenues.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, announced today that the Company has agreed to provide a construction loan for up to $287.9 million to Great Wolf Resorts, Inc. (“Great Wolf”) related to the development of Great Wolf Lodge in Mashantucket, Connecticut, a family resort project adjacent to the Foxwoods Resort Casino. The 549-room indoor water park resort was officially announced today during a groundbreaking event and is expected to start welcoming guests by mid-2025.
This transaction represents VICI Properties’ fourth loan investment with Great Wolf for a total capital commitment of $553.4 million as part of the Company’s previously announced strategic arrangement to provide financing to support the funding of the development of Great Wolf’s pipeline.
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 49 gaming facilities across the United States and Canada comprising approximately 124 million square feet and features approximately 59,300 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Foundation Gaming & Entertainment, LLC, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn Entertainment, Inc., PURE Canadian Gaming Corp., and The Venetian Las Vegas. 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’ strategy is to create the highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.
About Great Wolf Resorts, Inc.
Great Wolf Resorts, Inc. is North America’s largest family of indoor waterpark resorts, and through its subsidiaries and affiliates, owns, operates and develops family resorts under the Great Wolf Lodge brand. Great Wolf lodges provide an immersive entertainment experience suitable for the entire family in all seasons and all weather with interactive water experiences and vibrant family entertainment. All lodges are strategically located within a four-hour drive of major metropolitan markets with attractive demographic profiles.
Great Wolf Resorts opened its first location in 1997 in Wisconsin Dells, Wisconsin and is a fully integrated resort company with locations in: Wisconsin Dells, Wis.; Sandusky, Ohio; Traverse City, Mich.; Kansas City, Kan.; Williamsburg, Va.; Pocono Mountains, Pa.; Niagara Falls, Ontario, Canada; Mason, Ohio; Grapevine, Texas; Grand Mound, Wash.; Fitchburg, Mass.; Charlotte, N.C.; Garden Grove, Calif.; Colorado Springs, Colo.; Bloomington, Minn.; LaGrange, Ga.; Gurnee, Ill.; Scottsdale, Ariz.; and Manteca, Calif. Its 20th, 21st, and 22nd resorts are currently under construction in Perryville, Maryland, Collier County, Florida and Webster, Texas.
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 (including those stemming from changes in economic conditions and risks relating to VICI’s pending and recently completed transactions) 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.
