VICI Properties Inc. (NYSE: VICI) (the “Company” or “VICI” or
“VICI Properties”) announced today that it will utilize its Partner
Property Growth Fund to provide capital for an exciting expansion
project for Century Casinos, Inc. (NASDAQ: CNTY) (“Century” or
“Century Casinos”). The project consists of a new land-based casino
with an adjacent 38-room hotel tower at Century Casino
Caruthersville, located in Caruthersville, Missouri. Pursuant to an
amendment to the existing master lease between the parties, VICI
will own the real estate improvements associated with these
projects, which are expected to cost approximately $51.9 million,
and annual rent under the master lease with Century will increase
by approximately $4.2 million following completion of the
projects.
John Payne, President and Chief Operating Officer of VICI
Properties, said, “We are very excited to continue to grow our
partnership with Century by funding this expansion project through
our Partner Property Growth Fund. Since we jointly acquired three
regional assets in 2019, the Century team has significantly
enhanced performance at the properties by fine-tuning operations
and focusing intently on customer satisfaction. Our team, led by
Danny Valoy and Elena Keil, has collaborated with Century to
structure a transaction that greatly enhances the long-term value
of the property in Caruthersville, provides Century with balance
sheet flexibility and allows VICI to invest free cash flow, growing
our AFFO without the need for external funding.”
The new land-based casino at Century Casino Caruthersville,
which will replace the last remaining riverboat casino on open
water in Missouri, will feature a hotel lobby, restaurant, bar,
lounge, multi-purpose meeting rooms as well as offices. The gaming
space will initially offer 650 slot machines (an increase of 25%
over the current number of slot machines), table games, a deli, and
a bar. It will also have the possibility of an expansion for up to
an additional 140 slot machines. The 38-room hotel, which sits
between the existing pavilion and the new casino, will provide
stunning views over the Mississippi River and Caruthersville. The
Missouri Gaming Commission granted preliminary approval for the
casino project at its meeting in December 2021. Additional state
and local approvals will be required, including final regulatory
approval from the Missouri Gaming Commission once the new casino
construction project is completed.
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. The Company 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 nation’s
highest quality and most productive experiential real estate
portfolio. For additional information, please visit
www.viciproperties.com.
About Century Casinos
Century Casinos, Inc. is a casino entertainment company. Century
owns and operates Century Casino & Hotels in Cripple Creek and
Central City, Colorado, and in Edmonton, Alberta, Canada; the
Century Casino in Cape Girardeau and Caruthersville, Missouri, and
in St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack &
Resort in New Cumberland, West Virginia; the Century Mile Racetrack
and Casino (“CMR”) in Edmonton, 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.
Through its Austrian subsidiary, CRM, Century holds a 66.6%
ownership interest in Casinos Poland Ltd., the owner and operator
of eight casinos throughout Poland; and a 75% ownership interest in
Century Downs Racetrack and Casino in Calgary, Alberta, Canada.
Century has an agreement to operate two ship-based casinos.
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 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 its website at 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,”
“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
the COVID-19 pandemic and changes in the economic conditions as a
result thereof and risks relating to VICI’s pending 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221205005238/en/
VICI Properties Contacts:
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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