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) 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.
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.
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.
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.
VICI Properties Inc. (NYSE: VICI) is featured in a case study by Stanford University's Corporate Governance Research Initiative. The study explores how VICI, emerging from the bankruptcy of Caesars Entertainment, created a governance framework that enhances value for its shareholders. VICI's focus on governance quality is highlighted by its ranking fourth in Green Street’s REIT governance quality assessments. The firm achieved investment-grade credit status and became the first REIT to enter the S&P 500 in under five years post-IPO, showcasing its commitment to high governance standards and stakeholder trust.
VICI Properties Inc. (NYSE: VICI) announced its second quarter 2022 financial results will be released on Wednesday, July 27, 2022, after trading closes on the New York Stock Exchange. A conference call and audio webcast is scheduled for Thursday, July 28, 2022, at 10:00 a.m. ET. Investors can participate via phone or listen to a live audio webcast on the company's website. The replay will be available for one week following the event. VICI Properties operates a diverse portfolio of gaming and hospitality venues across the U.S.
VICI Properties Inc. (NYSE: VICI) announced that CEO Edward Pitoniak featured on CNBC's 'Mad Money with Jim Cramer' on June 24, 2022, discussing VICI’s role as a capital source for tenants and its growth plans in gaming and experiential real estate. The company holds a large portfolio, including iconic properties like Caesars Palace and MGM Grand, with 43 gaming facilities, 58,700 hotel rooms, and over 450 food and entertainment venues. VICI aims to enhance its experiential real estate portfolio while navigating forward-looking risks, including economic uncertainties and impacts from the COVID-19 pandemic.