VICI Properties Inc. Provides Construction Financing to Great Wolf Lodge in the Northeast
01 Febbraio 2023 - 10:15PM
Business Wire
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the
“Company”), an experiential real estate investment trust, announced
today that the Company has agreed to provide a construction loan
for up to $287.9 million to Great Wolf Resorts, Inc. (“Great Wolf”)
related to the development of Great Wolf Lodge in Mashantucket,
Connecticut, a family resort project adjacent to the Foxwoods
Resort Casino. The 549-room indoor water park resort was officially
announced today during a groundbreaking event and is expected to
start welcoming guests by mid-2025.
This transaction represents VICI Properties’ fourth loan
investment with Great Wolf for a total capital commitment of $553.4
million as part of the Company’s previously announced strategic
arrangement to provide financing to support the funding of the
development of Great Wolf’s 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’ geographically diverse
portfolio consists of 49 gaming facilities across the United States
and Canada comprising approximately 124 million square feet and
features approximately 59,300 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, Foundation Gaming &
Entertainment, LLC, Hard Rock International Inc., JACK
Entertainment LLC, MGM Resorts International, Penn Entertainment,
Inc., PURE Canadian Gaming Corp., 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 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, 21st, and 22nd resorts are currently under
construction in Perryville, Maryland, Collier County, Florida and
Webster, Texas.
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
changes in economic conditions and risks relating to VICI’s pending
and recently completed 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/20230201005073/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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