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.
VICI Properties Inc. (NYSE: VICI) announced that CEO Edward Pitoniak discussed the company's addition to the S&P 500 on CNBC's "Power Lunch" on June 7, 2022. He emphasized VICI's growth as a leading experiential REIT and its status as the largest real estate owner on the Las Vegas Strip. Additionally, Pitoniak highlighted a new partnership with Cabot, aimed at enhancing VICI's portfolio of gaming, hospitality, and entertainment facilities. VICI owns 43 gaming facilities with over 122 million square feet and numerous amenities.
VICI Properties Inc. (NYSE: VICI) has declared a quarterly cash dividend of $0.36 per share for the period from April 1, 2022 to June 30, 2022. The dividend will be paid on July 7, 2022 to stockholders of record as of June 23, 2022. VICI Properties owns a diverse portfolio of 43 gaming facilities, including renowned venues like Caesars Palace and MGM Grand, with a total of over 122 million square feet and approximately 58,700 hotel rooms. The company focuses on creating a high-quality experiential real estate portfolio.
VICI Properties Inc. (NYSE: VICI) announced a $120 million delayed draw term loan facility and entered a Purchase and Sale Agreement with Cabot for the Cabot Citrus Farms in Brooksville, Florida. The loan will fund the property’s transformation, including a new clubhouse and luxury accommodations. VICI will convert part of the loan into ownership of specific real estate assets and initiate a 25-year triple-net lease with Cabot. This marks VICI's entry into the 'pilgrimage experience sector' and the start of a partnership focused on creating exceptional golf destinations.
VICI Properties Inc. has appointed Kellan Florio as Senior Vice President and Chief Investment Officer and Moira McCloskey as Vice President of Capital Markets. Florio, previously at Goldman Sachs, will lead VICI's expansion in experiential real estate, leveraging his experience in managing over $100 billion in transactions. McCloskey, formerly with Bank of America, will guide VICI's capital markets initiatives, building on a track record of raising over $29 billion since 2017. These appointments aim to drive future growth for the company.
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.