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Vici Properties Inc. Completes $4 Billion Acquisition Of The Venetian Resort Las Vegas

Feb 23, 2022•over 3 years ago

Acquiring Company

VICI Properties

Acquired Company

Venetian Resort Las Vegas

Description

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire all of the land and real estate assets associated with the Venetian Resort Las Vegas and the Venetian Expo and Convention Center Las Vegas, located in Las Vegas, Nevada (the “Venetian Resort”) for $4.0 billion in cash, representing a 6.25% cap rate. The Company financed the transaction with proceeds from the settlement of 119 million shares previously raised under its March 2021 and September 2021 forward sale agreements, a $600 million draw under its recently upsized revolving credit facility, and cash on hand.

Company Information

Company

VICI Properties

About

VICI Properties Inc. is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 28 gaming facilities comprising over 47 million square feet and features approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., Hard Rock International Inc., JACK Entertainment LLC and Penn National Gaming, Inc. VICI Properties also has an investment in the Chelsea Piers, New York facility and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.

M&A Insights

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Integration timeline
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Tech stack consolidation
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Post-acquisition investment
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