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.
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.
VICI Properties Inc. announced an extension to the expiration date of its private offers to exchange outstanding MGP Notes for new VICI Exchange Notes. The expiration date is now April 14, 2022. The early tender results show over $1 billion of MGP Notes tendered, with substantial participation rates across various series. The exchange and consent solicitations are connected to planned mergers scheduled for the first half of 2022, contingent on customary conditions. The MGP's business integration and market conditions remain critical factors for the anticipated benefits.
VICI Properties Inc. (NYSE: VICI) has declared a quarterly cash dividend of $0.36 per share for the period from January 1, 2022 to March 31, 2022. This dividend will be payable on April 7, 2022 to stockholders of record as of the close of business on March 24, 2022. The Company is recognized for its extensive portfolio in gaming and hospitality, including iconic venues like Caesars Palace and the Venetian Resort.
VICI Properties announces the completion of its $4 billion acquisition of The Venetian Resort Las Vegas, part of a record acquisition volume of over $21 billion in 2021. Fourth Quarter revenues rose 2.7% year-over-year to $383.2 million, attributed to increased rental income. However, Net Income per share decreased by 17.0% to $0.44. Full Year 2021 revenues surged 23.2% to $1.5 billion, while AFFO increased by 25.3%. The company declared a 9.1% increase in its annual cash dividend and provided a preliminary AFFO guidance for 2022 between $1.80 and $1.84 per share.
VICI Properties Inc. has successfully acquired the Venetian Resort Las Vegas for $4.0 billion, achieving a 6.25% cap rate. The transaction is financed through proceeds from share sales, a $600 million credit line, and cash reserves. This acquisition increases annual rent by $250 million under a 30-year lease with Apollo Global Management, which includes a rent escalation clause. The Venetian features extensive gaming, hospitality, and convention facilities, solidifying VICI's portfolio as a premier player in experiential real estate.
VICI Properties Inc. (NYSE: VICI) announced an extension of the expiration date for the Exchange Offers and related Consent Solicitations from February 15, 2022 to March 31, 2022. These offers involve exchanging up to $4.20 billion of MGP Notes for new notes issued by VICI. The amendments to the MGP indentures will become effective upon settlement of the exchange. The transactions are contingent upon the completion of previously announced mergers expected in the first half of 2022.