Vici Pptys Stock Price, News & Analysis

Penn National Gaming reported Q1 2022 revenues of $1.56 billion, up 22.7% year-over-year. Net income fell to $51.6 million, with a net income margin of 3.3%

Adjusted EBITDAR was $494.7 million, reflecting a 10.7% increase but a margin decline of 344 bps. The company raised its 2022 revenue guidance to $6.15-$6.55 billion. Share repurchases totaled $175.1 million. Total liquidity stands at $2.48 billion, with net debt increasing to $923.5 million.

VICI Properties reported an 11.3% revenue growth, reaching $416.6 million for Q1 2022. Significant developments include the completion of the $17.2 billion acquisition of MGM Growth Properties and a $4.0 billion acquisition of The Venetian Resort. Net income for the quarter was $240.4 million, reflecting a per-share decline to $0.35. Adjusted Funds From Operations (AFFO) increased by 19.8% year-over-year to $305.5 million, but per-share AFFO fell 5.1% to $0.44. The company updated its full-year 2022 AFFO guidance to between $1.66 billion and $1.69 billion.

VICI Properties Inc. (NYSE: VICI) announced the completion of a public offering of $5.0 billion in senior unsecured notes, concurrent with its acquisition of MGM Growth Properties LLC. The offering includes various maturities and interest rates, such as 4.375% due 2025 and 5.625% due 2052. The proceeds will fund approximately $4.4 billion for redeeming OP units from MGM Resorts and repay $600 million of outstanding credit. This follows VICI's strategy to enhance its extensive gaming and hospitality portfolio, which now totals 43 properties across the U.S.

VICI Properties Inc. has finalized its acquisition of MGM Growth Properties LLC, expanding its portfolio to 43 Class-A properties with an estimated enterprise value of $44 billion. This merger increases VICI's annual rent by over $1 billion. The new triple-net master lease with MGM Resorts has an initial annual rent of $860 million, escalating at 2% annually. VICI has also raised $5 billion through senior unsecured notes to finance this transaction, marking a significant step in its balance sheet management. The acquisition diversifies VICI's tenant base to include eight industry leaders.

MGM Resorts International has successfully completed transactions with VICI Properties and MGM Growth Properties. VICI redeemed a majority of MGP units for $43 each, totaling around $4.4 billion in cash, and acquired all MGP class A shares. This deal grants MGM financial flexibility, enabling further investments to enhance shareholder value. Additionally, a new 25-year master lease was established, with an initial annual rent of $860 million, providing operational flexibility. MGM now owns a 1% stake in the VICI operating partnership.

VICI Properties Inc. (NYSE: VICI) has announced the completion of its exchange offers for MGM Growth Properties' (MGP) outstanding notes, accepting all tendered MGP Notes. A total of approximately $4.20 billion in new VICI Exchange Notes were issued, including sums of $1.024 billion for 5.625% Senior Notes due 2024, $799 million for 4.625% Senior Notes due 2025, and various other notes totaling $2.9 billion. Consent payments of $2.50 per $1,000 MGP principal amount were also distributed. The amendments to the indentures have eliminated most restrictive covenants.

VICI Properties Inc. (NYSE: VICI) will release its first quarter 2022 financial results on May 4, 2022, after market close. A conference call will follow on May 5, 2022, at 10:00 a.m. ET. The call can be accessed via dialing provided numbers or through a live audio webcast on the Company’s website.

VICI Properties is a real estate investment trust owning a diverse portfolio of gaming and hospitality properties, including renowned destinations like Caesars Palace and the Venetian Resort in Las Vegas.

VICI Properties Inc. has announced a public offering of $5.0 billion in senior unsecured notes, structured into various maturities and interest rates. This includes $500 million due in 2025, $1.25 billion due in 2028, $1 billion due in 2030, $1.5 billion due in 2032, and $750 million due in 2052. The proceeds are intended to fund the $4.4 billion acquisition of MGM Growth Properties and to repay existing debt. The offering is expected to close on April 29, 2022.

VICI Properties Inc. (NYSE: VICI) has announced an extension of the expiration date for its private offers to exchange existing MGM Growth Properties (MGP) notes for new VICI notes worth up to $4.20 billion. The new expiration date is set for April 28, 2022. The consent solicitations received requisite approvals, leading to substantial amendments to the MGP notes' covenants. These actions are contingent upon the completion of MGP's merger with VICI, expected in the first half of 2022, pending customary approvals.