Welcome to our dedicated page for Vici Pptys news (Ticker: VICI), a resource for investors and traders seeking the latest updates and insights on Vici Pptys stock.
VICI Properties Inc. reports news on its real estate investment trust portfolio of gaming, hospitality, wellness, entertainment and leisure destinations in the United States and Canada. Company updates commonly cover acquisitions, sale-leaseback transactions, triple-net lease agreements, tenant relationships and amendments involving casino and resort real estate.
Recurring developments also include operating and financial results, capital-structure matters, governance updates and shareholder voting items. News involving VICI often centers on how newly acquired or re-leased properties fit within its portfolio of experiential real estate assets, including major gaming destinations and regional casino properties.
CNE Gaming Holdings LLC, a subsidiary of Cherokee Nation Businesses, has taken over operations of Gold Strike Casino Resort following approval from the Mississippi Gaming Commission. The acquisition cost approximately $450 million in cash, purchased from MGM Resorts International. As a part of the transaction, a long-term lease was signed with VICI Properties Inc., which owns the property. The acquisition aims to expand CNE's presence in the gaming industry outside Oklahoma, retaining over 1,100 employees and maintaining the casino's existing operations and offerings. Key executives expressed enthusiasm about enhancing their hospitality portfolio.
MGM Resorts International (NYSE: MGM) has successfully closed the sale of Gold Strike Tunica's operations to CNE Gaming Holdings for $450 million in cash. The transaction is expected to yield approximately $350 million in net cash proceeds after taxes and fees. Gold Strike reported a net income of $47 million and an Adjusted Property EBITDAR of $98 million for the year ending December 31, 2022. Following the sale, MGM will amend its master lease with VICI Properties (NYSE: VICI), reducing annual rent by $40 million. The proceeds will strengthen MGM's balance sheet, support growth initiatives, and enable capital returns to shareholders.
VICI Properties Inc. (NYSE: VICI) has announced a triple-net lease agreement with Cherokee Nation Businesses (CNB) related to Gold Strike Casino Resort's acquisition. The lease starts with an annual rent of $40 million for an initial term of 25 years, with annual escalations of 2%. This agreement follows the reduction of annual base rent under VICI's master lease with MGM Resorts International (NYSE: MGM) by $40 million, now totaling $730 million. The lease terms are guaranteed by CNB, enhancing VICI's stability in the gaming and hospitality sector.
PENN Entertainment reported its 2022 fourth quarter results with revenues of $1.6 billion, up 0.8% year-over-year. However, net income decreased to $20.8 million from $44.8 million, yielding a net income margin of 1.3%. Adjusted EBITDAR was $468.3 million, down 2.5% year-over-year, though Adjusted EBITDA improved by 18.8% to $438.3 million. The company initiated guidance for 2023 with projected revenues between $6.15 billion and $6.58 billion. PENN also repurchased $91 million of stock and has $2.6 billion in total liquidity, alongside total traditional net debt of $1.1 billion.
VICI Properties Inc. (NYSE: VICI) has announced a construction loan of up to $287.9 million to Great Wolf Resorts for the development of a new Great Wolf Lodge in Mashantucket, Connecticut. This resort will feature 549 rooms and an indoor water park, scheduled to open in mid-2025. This marks VICI’s fourth loan investment with Great Wolf, totaling $553.4 million in capital commitments to support their development pipeline. VICI Properties, a leader in experiential real estate investment, owns a diverse portfolio of gaming and hospitality properties across the US and Canada.
VICI Properties Inc. has announced the tax treatment of 2022 distributions from its common stock as well as that of MGM Growth Properties LLC (MGP). Following VICI’s acquisition of MGP on April 29, 2022, MGP's Class A shares converted into VICI common stock at a rate of 1.366. Tax categories for distributions include ordinary dividends and Section 199A dividends. VICI’s total distribution per share for 2022 stood at $1.8600, while MGP's totals were $1.055000. Shareholders are advised to consult tax advisors for individual treatment of distributions.
VICI Properties Inc. (NYSE: VICI) has closed an upsized underwritten public offering of 30,302,500 shares of its common stock at a public offering price of $33.00 per share, including 3,952,500 shares sold under the underwriters' option. The offering was managed by Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan. The company entered into forward sale agreements and will not receive initial proceeds from the sale. Proceeds from future settlements are expected to support acquisitions, property improvements, and corporate purposes. The offering is based on an effective shelf registration statement filed with the SEC.
VICI Properties Inc. (NYSE: VICI) announced a public offering of 26,350,000 shares of its common stock at $33.00 per share, with a 30-day option for underwriters to purchase an additional 3,952,500 shares. The offering, expected to close on January 18, 2023, aims to raise funds for the company’s ongoing business, including acquisitions and capital expenditures. The shares will be sold through forward sale agreements, and the company will not receive immediate proceeds from this sale.
VICI Properties Inc. (NYSE: VICI) has launched an underwritten public offering of 24 million shares of its common stock. The offering will include an option for underwriters to purchase an additional 3.6 million shares to cover over-allotments. Proceeds from the future settlement of forward sale agreements are intended to support the company’s operations, including property acquisitions and capital expenditures. While VICI will not receive immediate proceeds from this offering, it aims to strengthen its financial position and enhance its portfolio in the experiential real estate sector.
VICI Properties Inc. has successfully completed the acquisition of a 49.9% interest in the joint venture owning MGM Grand Las Vegas and Mandalay Bay from Blackstone Real Estate Income Trust for approximately $1.27 billion. VICI will also assume a $3 billion property-level debt due in 2032 at a 3.558% interest rate. The acquisition includes a triple-net lease with MGM Resorts generating about $310 million annually, escalating at 2% annually until 2035. The lease term extends until 2050, with two renewal options.