VICI Properties Inc. Completes Acquisition of Greektown Casino-Hotel and Lease to Penn National Gaming
23 Maggio 2019 - 10:05PM
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 disclosed transaction to
acquire the land and real estate assets of the Greektown
Casino-Hotel (“Greektown”), located in downtown Detroit, Michigan,
for approximately $700 million in cash, with Penn National Gaming,
Inc. (NASDAQ:PENN) (“Penn National” or the “Tenant”) acquiring the
operating assets for approximately $300 million in cash. The
Company financed the transaction using cash on hand.
Simultaneous with the closing of this transaction, Penn National
entered into a triple-net lease agreement with the Company. The
lease has an initial total annual rent of approximately $55.6
million and an initial term of 15 years, with four 5-year tenant
renewal options. The Tenant’s obligations under the lease are
guaranteed by Penn National.
John Payne, President and Chief Operating Officer of VICI
Properties, said, “The Greektown acquisition is our second
transaction with Penn National, further solidifying our
relationship with a best-in-class operator and demonstrating our
commitment to deliver portfolio income of the highest character and
quality. In the past five months we have closed on three
large-scale acquisitions, deploying $1.0 billion in proceeds while
adding approximately $100 million of annualized rent, and
broadening our geographic diversity by expanding into two new
jurisdictions.”
David Kieske, Executive Vice President and Chief Financial
Officer of VICI Properties, also commented, “We utilized the cash
proceeds on our balance sheet that we raised during our successful
November 2018 equity issuance to fund the Greektown transaction.
Going forward, we continue to target leverage neutral financing
over the long-term and will manage our balance sheet prudently to
maximize transaction accretion while maintaining flexibility for
long-term growth.”
Opened in 2000, Greektown Casino-Hotel is the only casino in the
heart of downtown Detroit and is located in close proximity to
nearby attractions such as Comerica Park, Ford Field, Little
Caesars Arena, the city’s theater district, GM’s Renaissance Center
and the Cobo Conference Center. The casino features 100,000 square
feet of casino space, approximately 2,700 gaming machines and 60
table games, a poker room, three restaurants, seven fast casual
food outlets, four bars and a coffee shop. In addition, the casino
includes a AAA Four Diamond 400-room, luxury high-rise hotel with
14,000 square feet of event and catering space. The property
employs approximately 1,700 team members and has partnered with
nearly 20 local restaurants to offer fine dining rewards to
guests.
About VICI Properties
VICI Properties is an experiential real estate investment trust
that owns one of the largest portfolios of market-leading gaming,
hospitality and entertainment destinations, including the
world-renowned Caesars Palace. VICI Properties’ national,
geographically diverse portfolio consists of 23 gaming facilities
comprising over 40 million square feet and features approximately
15,200 hotel rooms and more than 150 restaurants, bars and
nightclubs. Its properties are leased to industry leading gaming
and hospitality operators, including Caesars Entertainment
Corporation and Penn National Gaming. VICI Properties also owns
four championship golf courses and 34 acres of undeveloped land
adjacent to the Las Vegas Strip. VICI Properties’ strategy is to
create the nation’s highest quality and most productive
experiential real estate portfolio. 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,”
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 the Company’s control and could
materially affect actual results, performance, or achievements.
Important factors that may affect the Company’s business, results
of operations and financial position are detailed from time to time
in the Company’s filings with the Securities and Exchange
Commission. The Company 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190523005602/en/
Investors:Investors@viciproperties.com(646)
949-4631OrDavid KieskeEVP, Chief Financial
OfficerDKieske@viciproperties.com
Danny ValoyVice President, FinanceDValoy@viciproperties.com
Media:PR@viciproperties.com(646) 949-4631OrICRPhil
Denning and Jason ChudobaPhil.Denning@icrinc.com, (646)
277-1258Jason.Chudoba@icrinc.com, (646) 277-1249
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