Vici Pptys Stock Price, News & Analysis

VICI Properties announced a new lease with Hard Rock International related to the operations of The Mirage Hotel & Casino in Las Vegas. This agreement follows MGM Resorts' decision to sell the Mirage's operations, marking an expansion of VICI's partnership with Hard Rock. The lease will have an initial annual base rent of $90 million and includes a potential $1.5 billion redevelopment investment in the Mirage. Additionally, the MGM Master Lease will be amended, reducing its base rent by $90 million. Both transactions are expected to close in the second half of 2022.

VICI Properties Inc. (NYSE: VICI) has declared a regular quarterly cash dividend of $0.36 per share, covering the period from October 1, 2021 to December 31, 2021. This dividend will be payable on January 6, 2022 to stockholders of record by December 23, 2021. VICI Properties, a leading real estate investment trust, boasts a diversified portfolio that includes 27 gaming facilities, over 46 million square feet of space, and recognized properties like Caesars Palace. The company aims to maintain its position as a top experiential real estate provider.

Penn National Gaming reported Q3 2021 revenues of $1.5 billion, up $382.1 million YoY, and adjusted EBITDAR of $480.3 million, representing a 31.8% margin. Net income dropped to $86.1 million from $141.2 million last year. Key milestones included the launch of the Barstool Sportsbook app in five states, further expanding to ten states, and the acquisition of Score Media and Gaming. Challenges in Q3 arose from Hurricane Ida and the Delta variant, impacting profits by roughly $30 million. The company maintains a strong balance sheet with $3.4 billion in liquidity.

Caesars Entertainment and VICI Properties announced the completion of the sale of Harrah's Louisiana Downs Casino for $22 million. The proceeds were allocated with $5.5 million going to VICI and $16.5 million to Caesars, subject to standard cash adjustments. Despite the transaction, the annual base rent payments under the Regional Master Lease remain unchanged, indicating stability in their financial relationship going forward.

Caesars Entertainment (CZR) and VICI Properties (VICI) have finalized the sale of Harrah's Louisiana Downs to Rubico Acquisition Corp. for $22 million. The split of proceeds allocated $5.5 million to VICI and $16.5 million to Caesars, subject to customary adjustments. Importantly, the annual base rent payments under the Regional Master Lease between the two companies will remain unchanged. This transaction reflects Caesars’ ongoing strategy to optimize its asset portfolio while maintaining stable earnings from its lease agreements.

VICI Properties Inc. (NYSE: VICI) announced stockholder approval for the issuance of common stock related to its acquisition of MGM Growth Properties LLC (NYSE: MGP). Over 99.9% of votes favored the proposal during a special meeting, representing about 90% of VICI's outstanding shares. Shareholders of MGP Class A will receive 1.366 shares of VICI stock per MGP Class A share. The transaction is set to close in the first half of 2022, pending regulatory approvals and customary closing conditions.

VICI Properties reported a 10.6% revenue growth to $375.7 million for Q3 2021, with net income at $161.9 million or $0.28 per share. The company announced the $17.2 billion acquisition of MGM Growth Properties and a strategic arrangement to finance BigShots Golf. Adjusted Funds from Operations (AFFO) rose by 12.9% to $257.4 million, with AFFO per share at $0.45. VICI plans to fund the acquisition mainly through debt financing and has updated its full-year AFFO guidance to $1.04-$1.045 billion.

VICI Properties Inc. will release its third quarter 2021 financial results on October 27 after the market closes. A conference call is scheduled for October 28 at 10:00 a.m. ET. Investors can join via phone or through a live audio webcast available on the company's website. An audio replay will be accessible from 1:00 p.m. ET on October 28 until November 4. VICI Properties, a leading real estate investment trust, owns a diverse portfolio of gaming and hospitality properties, including Caesars Palace.

VICI Properties Inc. (NYSE: VICI) announced that its subsidiaries, VICI Properties L.P. and VICI Note Co. Inc., have secured consents from over a majority of holders for proposed amendments regarding all outstanding MGM Growth Properties Operating Partnership LP notes. The exchange offers involve exchanging MGP notes for up to $4.20 billion in new VICI notes. The expiration date for this offer has been extended to December 31, 2021, and is contingent on the completion of anticipated mergers expected to finalize in the first half of 2022.