![]() MGM Growth Properties LLC leases and operates 15 of VICI Properties’ assets, including MGM Grand, Mandalay Bay, MGM National Harbor Hotel & Casino and Borgata Hotel. But generally accepted accounting principles (GAAP) earnings per share (EPS) was negative $0.70 and missed the consensus estimates by $0.40. In its fourth-quarter operating results, Caesars reported a 9% improvement in revenue, which was particularly a result of its digital sports book business and beat the analysts’ estimates by $10 million. Ten months later, Caesars Entertainment announced a multiyear deal with the Cleveland Cavaliers to become the basketball team’s official sportsbook partner. In April 2021, Caesars Entertainment purchased the sports betting company William Hill for $3.7 billion. Eldorado paid $18 billion in cash and stock to acquire Caesars Entertainment. ![]() ![]() In June 2020, Eldorado merged with Caesars and kept the Caesars Entertainment name. a hotel and casino entertainment company. It was founded in 1996 as Eldorado Resorts Inc. In addition to the casinos, it operates attractions such as zip lines, carnivals, golf clubs, concerts, nightclubs, retail shops, spas and salons. It accounts for 40% of VICI Properties’ total base rent. CZR, VICI Properties’ largest tenant, leases and operates properties such as Caesars Palace Las Vegas and Harrah’s Las Vegas as well as several leading regional gaming facilities. The three largest tenants of VICI Properties are:Ĭaesars Entertainment Inc. The initial annual rent is $40 million, and the lease has a 25-year term, with three 10-year tenant renewal options. 16 announcement that it entered into a triple-net lease agreement with Cherokee Nation Businesses, the operator of Gold Strike Casino Resort, in Tunica, Mississippi. Investors were not as concerned about rising inflation impacting VICI Properties as they were with some other REITs.Īnother positive was VICI Properties’ Feb. One reason VICI Properties has performed relatively well despite the rising interest rates of the past year is that over 40% of its leases have 2% to 3% annual lease escalators for inflation. VICI Properties’ portfolio consists of 49 gaming facilities, with 59,300 hotel rooms and over 450 restaurants, bars, nightclubs and sports books. The initial public offering (IPO) was held on Feb. We are pleased to welcome Cherokee Nation Businesses as our ninth gaming tenant and we look forward to a long-term partnership as they pursue additional growth initiatives in the future.VICI Properties, which formed as a REIT in 2017, was a spinoff from Caesars Entertainment Operating Company as part of a Chapter 11 reorganization. John Payne, President and Chief Operating Officer of VICI Properties, said, “This transaction continues to demonstrate VICI’s ability to build strong relationships with new partners while working collaboratively with existing tenants to support their strategic objectives. has agreed to enter a new separate lease with CNB related to the operations of Gold Strike. MGM Resorts reached an agreement to sell the operations of Gold Strike Casino Resort to Cherokee Nation Entertainment Gaming Holdings, LLC, a subsidiary of Cherokee Nation Businesses.Īccording to the press release, VICI Properties Inc. ( WREG)– Luck has run out for Gold Strike in Tunica, Mississippi after MGM Resorts International announced Thursday that it will be selling operations of the casino. Please look at the time stamp on the story to see when it was last updated. This is an archived article and the information in the article may be outdated.
0 Comments
Leave a Reply. |