VICI Properties Inc. Invests in Great Wolf Lodge Gulf Coast Texas
22 Settembre 2022 - 10:15PM
Business Wire
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”) announced today that the Company has agreed to provide a
mezzanine loan for up to $127.0 million to Great Wolf Resorts, Inc.
(“Great Wolf”) related to the development of Great Wolf Lodge Gulf
Coast Texas, a more than $200 million family resort project in
Webster, TX. The 532-room indoor water park resort was officially
announced today during a groundbreaking event and is expected to
start welcoming guests in mid-to-late 2024. The mezzanine loan has
an initial term of 3 years with two 12-month extension options
subject to certain conditions. The investment is expected to be
funded with cash on hand in accordance with a construction draw
schedule.
This transaction represents VICI Properties’ third mezzanine
loan investment with Great Wolf for a total capital commitment of
$265.5 million as part of the Company’s strategic arrangement to
provide up to $300 million of mezzanine financing to support the
funding of the development of Great Wolf’s domestic and
international indoor water park resort 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’ national, geographically
diverse portfolio consists of 43 gaming facilities comprising over
122 million square feet and features approximately 58,700 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, Hard
Rock International Inc., JACK Entertainment LLC, MGM Resorts
International, Penn Entertainment, Inc., and The Venetian Las
Vegas. VICI Properties also has an investment in the Chelsea Piers,
New York facility and 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 nation’s
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 and 21st resorts are currently under construction
in Perryville, Maryland and Collier County, Florida.
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,
including the risk that the pending transaction may not be
consummated on the terms described in this press release or at all,
which are, in some cases, beyond the Company’s control and could
materially affect actual results, performance, or achievements.
Other 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 and risks relating to the
Company’s pending transactions) 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/20220922005076/en/
Investors: Investors@viciproperties.com (646)
949-4631
Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Danny Valoy Vice President, Acquisitions & Finance
DValoy@viciproperties.com
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