– Further Diversifies VICI’s Tenant Roster
Through Long-Term Partnership with Foundation Gaming –
– Regional Gaming Properties Acquired at
Attractive 8.3% Capitalization Rate –
– Acquisition to be Immediately Accretive for
VICI –
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”),
an experiential real estate investment trust, and Foundation Gaming
& Entertainment, LLC (“Foundation Gaming”) announced jointly
today that VICI has acquired the real estate assets of the Fitz
Casino & Hotel (“Fitz”), located in Tunica, Mississippi, and
the WaterView Casino & Hotel (“WaterView”), located in
Vicksburg, Mississippi, from Foundation Gaming for an aggregate
purchase price of $293.4 million. VICI financed the transaction
with cash on hand.
Simultaneous with the acquisition, VICI entered into a
triple-net master lease agreement with subsidiaries of Foundation
Gaming (the “Foundation Master Lease”) related to the assets. The
Foundation Master Lease has an initial total annual rent of $24.25
million, representing an implied acquisition capitalization rate of
8.3%, 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 2.0x and the tenants’
obligations under the lease are guaranteed by the parent entity,
Foundation Gaming.
Danny Valoy, Vice President of Acquisitions and Finance of VICI
Properties, said, “We are excited to partner with the experienced
team at Foundation Gaming given their track record of value
creation in regional gaming markets. Mississippi continues to be
one of the largest regional gaming markets, and we are thrilled to
be expanding our portfolio into the Vicksburg market at an
attractive capitalization rate. This transaction highlights VICI’s
ability to execute accretive deals and close in an expeditious
manner to meet our partners’ objectives while creating value for
our shareholders.”
Allan Solomon, Chairman of Foundation Gaming, said, “The
extraordinary efforts of our property teams have given us the
opportunity to partner with VICI on our two Mississippi properties.
And by doing so, we have positioned our company for continued
growth in the regional gaming space. We look forward to partnering
with VICI in the future and we would also like to thank the team at
Credit Suisse who provided invaluable assistance with this
transaction.”
In addition to this release, VICI has furnished a Transaction
Overview presentation, which is available on its website in the
"Investors" section, under the menu heading "Events &
Presentations."
About Fitz Casino & Hotel and WaterView Casino &
Hotel
Fitz opened in 1994 and was acquired by Foundation Gaming in
2018. Located in Tunica, Mississippi, the property features
approximately 38,500 square feet of gaming space, 864 slot
machines, 9 table games, six food and beverage outlets, and is
connected to a 506 key-hotel. WaterView opened in 1993, was
acquired by Foundation Gaming in 2015 and is the #2 asset within
the Vicksburg market. The property is situated along the banks of
the Mississippi River and contains 37,000 square feet of gaming
space, 650 slot machines, 10 table games, three food and beverage
outlets and is connected to a 122 key-hotel.
About Foundation Gaming & Entertainment
Foundation Gaming & Entertainment, LLC is a casino
entertainment company that owns, operates, and develops casino
properties in regional U.S. markets. Foundation Gaming own and
operate WaterView Casino & Hotel in Vicksburg, Mississippi and
Fitz Casino & Hotel in Tunica, Mississippi. Its team members
have operated properties in almost every regional market in the
United States, as well as Las Vegas and Atlantic City.
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 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.
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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221222005387/en/
VICI Properties: Investors@viciproperties.com (646)
949-4631 Or David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Danny Valoy Vice President, Acquisitions and Finance
DValoy@viciproperties.com
Foundation Gaming: Donn Mitchell CFO
donn.mitchell@fggmail.com Or Les McMackin COO/CMO
Les.mcmackin@fggmail.com
Grafico Azioni Vici Properties (NYSE:VICI)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Vici Properties (NYSE:VICI)
Storico
Da Lug 2023 a Lug 2024