– Acquiring Regional Gaming Portfolio at an
Attractive 9.0% Capitalization Rate –– Further Diversifying Tenant
Roster through Long-Term Relationship with Century Casinos ––
Acquisition Expected to be Immediately Accretive at Closing –
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”), an experiential real estate investment trust, today
announced it has, together with Century Casinos, Inc. (NASDAQ:
CNTY) (“Century”), entered into definitive agreements to acquire
Isle Casino Cape Girardeau in Cape Girardeau, Missouri, Lady Luck
Casino Caruthersville in Caruthersville, Missouri, and Mountaineer
Casino, Racetrack & Resort in New Cumberland, West Virginia,
from Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado”) for an
aggregate purchase price of approximately $385.0 million in cash.
Pursuant to the agreements, VICI Properties will acquire the land
and real estate assets of the properties for approximately $278.0
million, and Century will acquire the operating assets of the
properties for approximately $107.0 million.
Simultaneous with the closing of this transaction, the Company
will enter into a triple-net master lease agreement with Century
related to the assets. The master lease will have an initial total
annual rent of $25.0 million, for an implied capitalization rate of
9.0%, and an initial term of 15 years, with four 5-year tenant
renewal options. The rent coverage ratio in the first year after
closing is expected to be approximately 2.1x and the tenants’
obligations under the master lease will be guaranteed by
Century.
John Payne, President and Chief Operating Officer of VICI
Properties, said, “This transaction demonstrates VICI’s ability to
execute accretive acquisitions that bring value to our
shareholders, while also diversifying our tenant base and expanding
our geographic footprint into a new market, West Virginia. We are
excited to partner with Century, as they are expert operators of
small to mid-sized regional assets and are beginning their journey
of expansion into the U.S. market. Cape Girardeau, Caruthersville
and Mountaineer are competitive local assets in stable regional
markets and are a great fit for Century’s growing portfolio. The
nature of this transaction allows both Century and Eldorado to
realize strategic value for their respective shareholders, while
also furthering our strategic goals to diversify and grow our
portfolio in an accretive manner.”
Isle Casino Cape Girardeau is located in Cape Girardeau,
Missouri, approximately 120 miles south of St. Louis, Missouri,
overlooking the Mississippi river. The property opened in 2012 and
consists of a dockside casino featuring 41,500 square feet of
casino space, 863 gaming machines, 20 table games, three dining
venues, a pavilion and an entertainment center. The property also
includes a wide variety of non-gaming amenities, including an
events center.
Lady Luck Caruthersville is a riverboat casino located along the
Mississippi River in Caruthersville, Missouri. The property opened
in 1995 and consists of a dockside casino featuring 21,000 square
feet of casino space, 507 gaming machines, nine table games, two
dining venues and a 40,000 square foot pavilion.
Mountaineer Casino, Racetrack and Resort is a hotel, casino,
entertainment and live thoroughbred horse racing facility located
in New Cumberland, West Virginia, one hour from downtown
Pittsburgh, Pennsylvania. The property originally opened in 1951
with the casino opening in 1994 and features a 357-room hotel,
approximately 1,486 gaming machines, 36 table games, a poker room,
a racetrack and five dining venues.
The transaction is subject to regulatory approvals and customary
closing conditions and is expected to close in early 2020. The
acquisition is expected to be accretive immediately upon closing
and the Company intends to fund the acquisition on a leverage
neutral basis through a combination of cash on hand and long-term
debt financing.
In addition to this release, the Company has furnished a
Transaction Overview presentation, which is available on our
website in the "Investors" section, under the menu heading "Events
& Presentations."
Kramer Levin Naftalis & Frankel LLP is acting as legal
advisor to VICI Properties in connection with the transaction.
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, Inc. 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.
About Century Casinos, Inc.
Century Casinos, Inc. is an international casino entertainment
company that operates worldwide. Century owns and operates Century
Casino & Hotels in Cripple Creek and Central City, Colorado,
and in Edmonton, Alberta, Canada; the Century Casino in Calgary and
St. Albert, Alberta, Canada and in Bath, England; and the Century
Mile Racetrack and Casino (“CMR”) in Edmonton, Alberta, Canada.
Through its Austrian subsidiary, Century Resorts Management GmbH
(“CRM”), the Company holds a 66.6% ownership interest in Casinos
Poland Ltd., the operator of seven casinos throughout Poland; a 75%
ownership interest in each of Century Downs Racetrack and Casino in
Calgary, Alberta, Canada and Century Bets! Inc. (“CBS”). CBS and
CMR operate the pari-mutuel off-track horse betting networks in
southern and northern Alberta, respectively. Century operates six
ship-based casinos under agreements with two cruise ship owners.
Century, through CRM, also owns a 7.5% interest in, and provides
consulting services to, Mendoza Central Entretenimientos S.A., a
company that provides gaming-related services to Casino de Mendoza
in Mendoza, Argentina. Century continues to pursue other
international projects in various stages of development. Century
Casinos’ common stock trades on The Nasdaq Capital Market® under
the symbol CNTY. For more information about Century Casinos, visit
www.cnty.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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190617005260/en/
Investors:Investors@viciproperties.com(646)
949-4631OrDavid KieskeEVP, Chief Financial
OfficerDKieske@viciproperties.comDanny ValoyVice President,
FinanceDValoy@viciproperties.comMedia: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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