VICI Properties Seeks To Become One Of The Largest Gaming, Hospitality And Destination Owners In The U.S.
VICI Properties Inc., has completed a spin-off from Caesars Entertainment Operating Co.
The new entity, which takes its name from the Latin phrase “Veni, vedi, vici” (“I came, I saw, I conquered”), is branding itself as an “experiential-asset focused” REIT, Commercial Property Executive reports.
The REIT is working to become one of the largest owners of gaming, hospitality and entertainment destinations, starting with a portfolio that includes 19 major gaming facilities, including Caesars Palace in Las Vegas.
“We have in Caesars Entertainment Corp. the best national gaming brand and operator in America, with an unrivaled loyalty program in Total Rewards. We share an energy and ambition to grow our businesses accretively, yielding a compelling value proposition for investors seeking a balance of current income as well as long-term growth,” VICI Properties CEO Edward Pitoniak said in a release.
The properties total approximately 32.5M SF and include 12,000 hotel guest rooms and 150 restaurants, bars and nightclubs. Under the new arrangement, they will be leased to Caesars and will operate under brands including Caesars, Horseshoe, Harrah’s and Bally’s.
Each of the properties had significant upgrades after receiving $433M in capital investments over the last three years, CPE reports.
Caesars Entertainment recently emerged from Chapter 11 bankruptcy after having struggled to maintain a $30B debt load left over from a leveraged buyout that took place in 2008.