VICI Properties Inc. Enters Into Lease Agreement with The Eastern Band of Cherokee Indians related to Caesars Southern Indiana
03 Settembre 2021 - 10:15PM
Business Wire
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”) announced today that, in connection with the Eastern
Band of Cherokee Indians’ (“EBCI”) acquisition of the operations of
Caesars Southern Indiana, the Company has entered into a triple-net
lease agreement with EBCI Holdings, a subsidiary of EBCI, with
respect to the real property associated with Caesars Southern
Indiana.
Initial total annual rent under the lease with EBCI Holdings is
$32.5 million and the lease has an initial term of 15 years, with
four 5-year tenant renewal options. Rent under the lease will
escalate annually by 1.5% beginning in lease year 2 through lease
year 5 and the greater of 2.0% or the Consumer Price Index
beginning in lease year 6. The tenant’s obligations under the lease
will be guaranteed by EBCI. Annual base rent payments under the
Company’s Regional Master Lease with Caesars Entertainment, Inc.
(NYSE: CZR) (“Caesars”) will be reduced by $32.5 million.
In addition, as part of this transaction, VICI Properties, EBCI
and Caesars have entered into a right of first refusal (“ROFR”) for
VICI Properties on the real property associated with the
development of a new casino resort in Danville, Virginia.
About VICI Properties
VICI Properties Inc. 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 28 gaming facilities
comprising over 47 million square feet and features approximately
17,800 hotel rooms and more than 200 restaurants, bars, nightclubs
and sportsbooks. Its properties are leased to industry leading
gaming and hospitality operators, including Caesars Entertainment,
Inc., Century Casinos, Inc., Hard Rock International Inc., JACK
Entertainment LLC and Penn National Gaming, Inc. VICI Properties
also has an investment in the Chelsea Piers, New York facility and
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 EBCI and EBCI Holdings
The Eastern Band of Cherokee Indians is a federally recognized
Tribe located in western North Carolina. The tribe operates two
casinos in western North Carolina, both of which are managed by
Caesars Entertainment. EBCI has operated Harrah's Cherokee Resort
since 1997 and Harrah's Cherokee Valley River since 2015. EBCI
Holdings was established earlier this year to diversify EBCI’s
holdings in the commercial gaming and hospitality business. Caesars
Southern Indiana is the tribe’s first out-of-state acquisition.
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 the Company’s control and could
materially affect actual results, performance, or achievements.
Important risk factors that may affect the Company’s business,
results of operations and financial position (including those
stemming from the COVID-19 pandemic and changes in the economic
conditions as a result thereof) 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/20210903005448/en/
Investors: Investors: Investors@viciproperties.com (646)
949-4631
Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Danny Valoy Vice President, Finance
DValoy@viciproperties.com
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