Vici Pptys Stock Price, News & Analysis

VICI Properties Inc. (NYSE: VICI) has entered a management agreement with CDN Golf Management Inc. to operate its four golf courses: Cascata, Rio Secco, Grand Bear, and Chariot Run. CDN will oversee all day-to-day operations, and VICI will retain ownership within its Taxable REIT Subsidiary. The agreement, effective October 1, 2022, spans 20 years with two renewal options. John Payne, COO of VICI, expressed confidence in CDN's management enhancing the courses and employee integration.

VICI Properties Inc. (NYSE: VICI) announced a mezzanine loan of up to $127.0 million to Great Wolf Resorts, Inc. for the development of the Great Wolf Lodge Gulf Coast Texas, a family resort project costing over $200 million in Webster, TX. This is VICI's third mezzanine loan investment with Great Wolf, totaling $265.5 million as part of a strategic commitment of up to $300 million to support Great Wolf's resort pipeline. The lodge is expected to open in mid-to-late 2024.

VICI Properties Inc. (NYSE: VICI) has declared a quarterly cash dividend of $0.39 per share, marking an 8.3% increase and representing an annualized amount of $1.56 per share. This dividend is payable on October 6, 2022 to shareholders of record as of September 22, 2022. This announcement signifies the company's fifth consecutive annual dividend increase since its formation, highlighting its commitment to returning value to shareholders.

VICI Properties Inc. has announced a definitive agreement to acquire Rocky Gap Casino Resort from Golden Entertainment for $260 million. The acquisition includes approximately $203.9 million for the property and $56.1 million for operating assets. This transaction will be instantly accretive, increasing annual rent by $15.5 million and extending the Century Master Lease by 15 years. The deal is expected to close mid-2023, pending regulatory approvals.

Golden Entertainment announced the sale of Rocky Gap Casino Resort for a total cash consideration of $260 million. Century Casinos will acquire operations for $56.1 million, while VICI Properties will purchase the land and buildings for $203.9 million. The deal reflects about 10x Adjusted Property EBITDA for the trailing twelve months ended June 30, 2022. Expected to close by mid-2023 pending regulatory approvals, this transaction aims to enhance Golden's focus on core markets and is seen as a strategic move to improve financial flexibility and shareholder value.

Century Casinos announced a definitive agreement to acquire the operations of Rocky Gap Casino Resort for approximately $56 million. The acquisition will be funded using cash from the company's balance sheet. VICI Properties will acquire the real estate assets for about $204 million and amend the lease to include Rocky Gap, with an initial rent of approximately $15.5 million annually. The deal, expected to close mid-2023, is projected to be immediately accretive to earnings, with Rocky Gap reporting a net operating revenue of $78 million and an Adjusted EBITDA of $27 million in 2021.

PENN Entertainment reported a 5.2% year-over-year revenue increase to $1.6 billion for Q2 2022, with adjusted EBITDAR at $504.5 million, down 14.0% from the prior year. Net income fell to $26.1 million, marking a sharp decline from $198.7 million in Q2 2021. Despite economic challenges, the company remains positive, maintaining full-year revenue guidance of $6.15 billion to $6.55 billion. PENN repurchased $167 million in stock, reinforcing commitment to shareholder value. The mychoice database saw significant growth, adding 1.2 million registrations, indicating strong customer engagement.

VICI Properties completed its acquisition of MGM Growth Properties LLC and reported Q2 2022 revenues of $662.6 million, up 76% year-over-year. However, the company posted a net loss of $57.7 million, largely due to a significant increase in the CECL allowance related to the MGM Master Lease. Adjusted Funds from Operations (AFFO) increased by 67.9% year-over-year to $430.1 million, with AFFO per share rising 3.7% to $0.48. The company reaffirmed its 2022 full-year guidance for AFFO between $1.66 billion and $1.69 billion.

VICI Properties Inc. (NYSE: VICI) has announced a mezzanine loan investment of up to $59 million for Great Wolf Resorts, Inc. This financing supports the development of Great Wolf Lodge South Florida, a $250 million family resort in Collier County, FL. The 500-room indoor water park is set to open in summer 2024, following a groundbreaking event. This marks VICI's second mezzanine loan investment related to Great Wolf, part of a strategic commitment to provide up to $300 million in financing for Great Wolf’s resort projects.