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Vici Properties – Wikipedia

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Vici Properties is an actual property funding belief (REIT) specializing in on line casino properties, primarily based in New York Metropolis. It was shaped in 2017 as a spin-off from Caesars Leisure. It owns twenty casinos and 4 golf programs all through the USA.

Historical past

Vici Properties was shaped as a part of the Chapter 11 chapter reorganization of Caesars Leisure Working Firm (CEOC), the biggest division of Caesars Leisure. After putting CEOC out of business in January 2015, Caesars proposed splitting CEOC into two firms: a REIT, which might personal the corporate’s casinos, and an working firm, which might handle them.[1] The plan was designed to maximise worth for CEOC’s collectors by profiting from favorable tax therapy for REITs.[2] A number of members of Congress opposed the plan, calling it an abuse of the REIT legal guidelines.[3] They requested the Inside Income Service to disclaim tax-free standing to the spin-off, however their protest went unheeded.[3][4]

The spin-off of Vici to CEOC’s collectors was accomplished on October 6, 2017, the day that CEOC emerged from chapter.[5][6][7] Vici started with a portfolio of 19 casinos and racetracks, all leased to Caesars at a complete preliminary annual lease of $630 million, and 4 golf programs.[5][8] The corporate’s identify was adopted from the phrase “Veni, vidi, vici,” generally attributed to Julius Caesar.[9]

Vici acquired Harrah’s Las Vegas from Caesars in December 2017 for $1.1 billion, and leased it again at an preliminary annual lease of $87.Four million.[10][11]

MGM Development Properties, a REIT affiliated with Caesars competitor MGM Resorts Worldwide, supplied in January 2018 to accumulate Vici for an estimated $5.9 billion.[12] Vici’s board rejected the supply, deciding as an alternative to proceed with a deliberate preliminary public providing.[9] Vici accomplished its IPO on the New York Inventory Change in February 2018, elevating $1.2 billion.[13][14]

The corporate moved its headquarters to New York Metropolis from the Las Vegas space in mid-2018.[15][16]

In June 2018, Vici agreed to purchase the true property of the Margaritaville Resort On line casino in Bossier Metropolis, Louisiana for $261 million.[17]Penn Nationwide Gaming would buy the property’s working enterprise on the similar time, and lease it from Vici for $23 million per 12 months.[17]

Properties

Casinos and racetracks

The corporate owns the next casinos and racetracks, all of that are leased to Caesars Leisure:[18]

  • Bally’s Atlantic Metropolis – Atlantic Metropolis, New Jersey
  • Bluegrass Downs – Paducah, Kentucky
  • Caesars Atlantic Metropolis – Atlantic Metropolis, New Jersey
  • Caesars Palace – Paradise, Nevada
  • Harrah’s Council Bluffs – Council Bluffs, Iowa
  • Harrah’s Gulf Coast – Biloxi, Mississippi
  • Harrah’s Joliet – Joliet, Illinois (80 p.c stake)[19]
  • Harrah’s Lake Tahoe – Stateline, Nevada
  • Harrah’s Las Vegas – Paradise, Nevada
  • Harrah’s Louisiana Downs – Bossier Metropolis, Louisiana
  • Harrah’s Metropolis – Metropolis, Illinois
  • Harrah’s North Kansas Metropolis – North Kansas Metropolis, Missouri
  • Harrah’s Reno – Reno, Nevada
  • Harveys Lake Tahoe – Stateline, Nevada
  • Horseshoe Bossier Metropolis – Bossier Metropolis, Louisiana
  • Horseshoe Council Bluffs – Council Bluffs, Iowa
  • Horseshoe Hammond – Hammond, Indiana
  • Horseshoe Southern Indiana – Elizabeth, Indiana
  • Horseshoe Tunica – Robinsonville, Mississippi
  • Tunica Roadhouse – Robinsonville, Mississippi

Golf programs

The corporate owns and operates 4 golf programs:[20]

References

  1. ^ Howard Stutz (January 16, 2015). “Caesars places largest unit out of business; choose OKs routine motions”. Las Vegas Overview-Journal – through NewsBank.
  2. ^ Tom Hals (March 3, 2015). “Caesars’ working unit recordsdata chapter exit plan”. Reuters. Retrieved 2018-02-25.
  3. ^ a b Tom Hals (June 1, 2016). “Members of U.S. Congress oppose Caesars’ on line casino REIT plan”. Reuters. Retrieved 2018-02-25.
  4. ^ Type 8-Okay: Present Report (Report). Caesars Leisure. January 6, 2017 – through EDGAR.
  5. ^ a b “Vici Properties Inc., completes spin-off from Caesars Leisure Working Firm” (Press launch). Vici Properties. October 6, 2017 – through NewsBank.
  6. ^ Richard N. Velotta (October 6, 2017). “Caesars completes merger, emerges from chapter safety”. Las Vegas Overview-Journal. Retrieved 2018-02-25.
  7. ^ Austen Hufford; Chris Kirkham (October 6, 2017). “Caesars Leisure unit making ready to exit chapter”. Wall Road Journal. Retrieved 2018-02-25.
  8. ^ Type 10-Q: Quarterly Report (Report). Vici Properties. November 13, 2017. p. 10.
  9. ^ a b Richard N. Velotta (January 17, 2018). “Caesars belief rejects supply from MGM Development Properties”. Las Vegas Overview-Journal. Retrieved 2018-02-25.
  10. ^ Todd Prince (November 29, 2017). “Caesars to promote actual property underneath Harrah’s to finance acquisition”. Las Vegas Overview-Journal. Retrieved 2018-02-25.
  11. ^ “Vici Properties Inc. completes acquisition of Harrah’s Las Vegas actual property belongings and associated transactions” (Press launch). Vici Properties. December 22, 2017. Retrieved 2018-02-25 – through BusinessWire.
  12. ^ Richard N. Velotta (January 16, 2018). “MGM affiliate bids for actual property belief spun off by Caesars”. Las Vegas Overview-Journal. Retrieved 2018-02-25.
  13. ^ Todd Prince (February 1, 2018). “Caesars actual property proprietor raises more cash than anticipated in IPO”. Las Vegas Overview-Journal. Retrieved 2018-02-25.
  14. ^ “Vici Properties Inc. pronounces closing of preliminary public providing and full train of underwriters’ overallotment possibility” (Press launch). Vici Properties. Retrieved 2018-02-25 – through BusinessWire.
  15. ^ Type 10-Q: Quarterly Report (Report). Vici Properties. Might 4, 2018. p. 29 – through EDGAR.
  16. ^ Type 10-Q: Quarterly Report (Report). Vici Properties. August 2, 2018. p. 34 – through EDGAR.
  17. ^ a b Sarah Crawford (June 19, 2018). “Margaritaville Resort On line casino sale is introduced”. Shreveport Instances. Retrieved 2018-06-19.
  18. ^ “On line casino Resorts”. Vici Properties. Retrieved 2018-02-25.
  19. ^ Type 10-Q: Quarterly Report (Report). Vici Properties. November 13, 2017. p. 17 – through EDGAR.
  20. ^ “Golf Programs”. Vici Properties. Retrieved 2018-02-25.

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