DOCSLIB.ORG

Gaming and Leisure Properties Inc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Gaming and Leisure Properties Inc Krause Fund Research April 12th, 2021 Spring 2021 Current Price $43.34 Target Price $50-55 Gaming and Leisure Properties, Inc. (NYSE: GLPI) Company Overview Real Estate Gaming and Leisure Properties, Inc. (NYSE:GLPI) is the first real estate investment trust to focus on acquiring real property assets Recommendation: BUY leased to gaming operators. The portfolio currently consists of 48 gaming properties diversified across 16 states including premier Analysts tenants like Penn National Gaming, Caesars Entertainment, Boyd Gaming Corporation, and more. Through triple-net lease Adam Schliesmann arrangements, GLPI expects to grow their portfolio by acquiring [email protected] gaming facilities of which they lease back to gaming operators. In Cameron Pietzsch [email protected] an industry poised to grow as state policy is changed, GLPI is Ethan Good positioned to emerge as a leader. [email protected] Evan Pyle [email protected] Stock Performance Highlights Kyle Bucsa 52 Week High $45.75 [email protected] 52 Week Low $24.39 Beta Value 1.58 Investment Thesis Key Statistics Market Cap (B) $10.55 We recommend a BUY rating for Gaming and Leisure Properties, Shares Outstanding 232,452 Inc. due to state wide policy reform and their sound business Dividend (Yield) 2.06 (6.01%) structure. EPS (2021E) 2.16 GLPI Exhibits Potential Strength: Company Performance Highlights ● State governments are deregulating gambling restrictions ROE 10.02% due to the tax collection opportunities casinos pose. This FFO (M) $684.39 increases GLPI’s ability to accumulate new properties in P/FFO $12.56 diversified markets from the increase of non-tribal gambling. Dividend Payout Ratio 108.70% ● GLPI had near perfect rent collection even through the pandemic. We expect this to continue as COVID-19 vaccine 12 Month Performance (factset.net) rollout continues and casino traffic returns to normal levels. ● GLPI has 100% tenant capacity and will sustain this through 2028, reducing liquidity risk for the foreseeable future. ● Due to the nature of GLPI’s “triple net lease” agreements with their tenants, operating expenses are minimal, resulting in consistently high operating margins and ROE for shareholders. Valuation Methods DCF/EP $54.58 DDM $42.95 Relative P/FFO (EPS21) $48.32 Important disclosures appear on the last page of this report. Executive Summary Gaming and Leisure Properties is strongly positioned to become a leader within the Gaming REITs industry. With the continued deregulation of gambling outside of Las Vegas, GLPI’s geographically diverse portfolio affords them with a plethora of profitable investment opportunities. GLPI has shown the ability to generate consistent quarterly income and maintain high operating profit margins even Source: Seeking Alpha12 during the COVID-19 pandemic. This can be attributed to the quality of their tenants and the nature of their lease The YTD weighted average return in this industry is agreements. With GDP and tourism set to rebound in 2021 -1.61% compared to the 16.44% market return, however, and beyond, we expect GLPI to continue generating we are bullish about their future. We attribute their positive alpha for its shareholders. underperformance to the COVID-19 pandemic, forcing many casinos, restaurants, and hotels to limit capacity or Industry Analysis shut down completely. With the vaccine rollout in progress and the continued legalization of sports gambling across the country, we see the Gaming REITs as a potential Industry Description industry leader within the Real Estate sector. The Gaming REITs industry consists of 3 major players. Vici Properties and MGM Growth Properties main revenue Vici Properties (VICI), Gaming and Leisure Properties streams come from property located on the Las Vegas strip, (GLPI), MGM Growth Properties (MGP). Each company's while Gaming and Leisure Properties revenue comes from primary source of revenue is generated from long-term properties located outside of Vegas. VICI in particular has leases signed by leisure and entertainment companies. made a big attempt to expand their operations outside of This includes companies like Caesars Palace, Penn National Las Vegas, with casinos spanning from New Orleans, Gaming, and other casinos and hotels located on the Las throughout the Midwest, and some parts of the East Vegas strip and around the country. They also lease out Coast. However, Gaming and Leisure Properties Inc. has the property to restaurants, golf courses, or other advantage over Vici and MGM in terms of geographically entertainment venues around the US. With continued diverse assets. Due to zoning laws and limited state casino challenges from the ongoing COVID-19 pandemic, the licenses, this creates very high barriers to entry for Vici gaming REITs industry remained profitable driven by and MGM to expand their operations. consistent cash flows from tenants. This led the industry to 12 outperform the broader REIT sector in 2020 . Looking A key factor in the Gaming REIT industry is the way leases forward, the three companies have a combined 4.5 billion are structured. Leases require tenants to pay all property dollars of cash or credit revolver access. This allows them taxes, insurance, and operating expenses of the casinos. to acquire more properties, continue to invest in their Gaming REITs’ primary expenses are general oversight and 13 current assets, or increase their dividend to shareholders . administrative expenses - which leads to very high The table below shows the percentage breakdown of the operating margins. By writing leases in this manner, the industry in terms of market capitalization. primary sources of risk to future cash flows would be the tenant’s ability to continue to pay rent and the likelihood of tenants to renew their leases (typically last 20-40 years15). Gaming REITs have historically not had difficulty finding tenants even through the COVID-19 pandemic, boasting a 100% occupancy rate and nearly perfect rent collection Important disclosures appear on the last page of this report. 2 metrics (only 1 tenant out of 94 in the industry that fell M&A Activity behind in Q2 2020 but became current in Q3) as well12. Because of the general certainty of cash flows and high The three major players in this industry have all had major dividend yields of Gaming REITs, many investors view merger & acquisition deals in the past year. MGM Growth these securities as bond-like, which therefore makes their Properties and Blackstone Real Estate formed a 50.1/49.9 value susceptible to interest rate fluctuations12. joint venture to purchase the property of the MGM Grand and the Mandalay Bay for nearly $5 billion16. Gaming and Recent Developments and Industry Trends Leisure Properties has made multiple deals with Penn National Gaming to acquire casinos across the country Government and Regulatory Change while Penn operates the facilities17. VICI Properties has made similar purchases with Caesars Entertainment, Inc. Until the 1980s, commercial casinos were only legal in Las The two companies entered into a Master Transaction Vegas on “The Strip”, with the rest being tribal casinos, Agreement in which VICI would own the real estate assets which were mostly exempt from state regulations12. Over of Harrah’s New Orleans, Laughlin, and Atlantic City, while the next 30-40 years, a large wave of legislation has led to Caesars would own and operate the casinos18. 25 states legalizing commercial casinos largely due to realization of a “tax goldmine”. The tax revenue from these Economic Changes commercial casinos accounts for about a quarter in Pennsylvania and large percentages in New York, Nevada, Master leases are becoming the favored agreement in the and New Jersey12. Now, casino REITs own property 19 of industry, as there are many advantages for the REITs. First, the 25 states that allow it. if the tenant does not renew their lease, the gaming license for the property stays with the lessor instead of the lessee. An important trend that could lead to more opportunities Second, rent resets allow the property owner to base rent for the gaming REITs industry is the legalization of sports of the tenant’s operating performance, which is typically a gambling. Today, 18 states and Washington D.C. have 2% increase in rent. Fortunately, if the tenant’s operations legalized sports betting, 4 states have passed a bill that is are not successful, the rent is not lowered but rather not yet in effect, and 9 other states have active bills on the remains constant until operations become successful matter. Additionally, 12 states had bills that did not pass again. legislation and 7 states have not taken any action16. The legalization of sports betting could give the gaming REITs Market Driven Changes to Industry Sales or Inputs industry room for expansion across the country by building or acquiring casinos and hotels in states where it One of Gaming REITs biggest limitations is the has recently been legalized. construction of new property to acquire. In late 2020 to early 2021, three major casinos and hotels will be completed in Las Vegas with a couple others beginning construction this year. While some gaming cities are limited in space, like Atlantic City, Vegas is always adding new additions. The ever-expanding city holds a promising future for the REITs of this industry, especially considering the growing trend of casinos selling their property to the REITs just to rent back. Outside of Vegas, six new casinos have begun construction in Illinois, three more across Illinois, and a couple others across the country. Source: Seeking Alpha12 Another limitation in the industry is the amount of casino licenses issued in each state. Six states have the ability to issue an unlimited number of licenses, however, there are significant regulatory factors and competitive barriers-to-entry. Eighteen states have a limited number of Important disclosures appear on the last page of this report.
Load more

Recommended publications
  • Caesars Entertainment and VICI Properties Inc. Announce Sale of Bally's Atlantic City to Twin River Worldwide Holdings Inc
    Caesars Entertainment and VICI Properties Inc. Announce Sale of Bally's Atlantic City to Twin River Worldwide Holdings Inc. April 24, 2020 LAS VEGAS, April 24, 2020 /PRNewswire/ -- Caesars Entertainment Corporation ("Caesars" or "Caesars Entertainment") (NASDAQ:CZR) and VICI Properties Inc. ("VICI" or "VICI Properties") (NYSE: VICI) today announced they have reached an agreement to sell the Bally's Atlantic City Hotel & Casino to Twin River Worldwide Holdings Inc. (NYSE:TRWH) for approximately $25 million in cash. VICI will receive approximately $19 million from the sale, while Caesars will receive approximately $6 million. The annual base rent payments under the Non-CPLV Master Lease between Caesars and VICI remain unchanged. "We look forward to the reopening of Bally's Atlantic City as soon as appropriate once the public health emergency related to COVID-19 has passed," said Caesars CEO Tony Rodio. "We appreciate Twin River's commitment to this property, which has a great future ahead under its stewardship." "The sale of Bally's Atlantic City demonstrates our ongoing commitment to work collaboratively with our tenants to optimize our individual businesses, even during these unprecedented times," said John Payne, President and COO of VICI Properties. "This transaction allows us to maintain the existing financial terms of our master lease with Caesars and helps balance our geographic diversification as we work to complete the acquisition of Harrah's Resort Atlantic City." Following the sale, Caesars will continue to operate Caesars Atlantic City, which will include the Wild Wild West casino area and The Book sports wagering facility, and Harrah's Resort Atlantic City.
    [Show full text]
  • VICI Properties Annual Report 2020
    VICI Properties Annual Report 2020 Form 10-K (NYSE:VICI) Published: February 20th, 2020 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ________ to _________ Commission file number: 000-55791 ________________________________________________ VICI PROPERTIES INC. (Exact name of registrant as specified in its charter) ________________________________________________ Maryland 81-4177147 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 535 Madison Avenue, 20th Floor New York, New York 10022 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: ( 646) 949-4631 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Name of each exchange on which Title of each class Trading Symbol registered Common stock, $0.01 par value VICI New York Stock Exchange SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Caesars Entertainment and VICI Properties Complete Sale of Harrah's Reno to CAI Investments
    Caesars Entertainment and VICI Properties Complete Sale of Harrah's Reno to CAI Investments September 30, 2020 LAS VEGAS and NEW YORK, Sept. 30, 2020 /PRNewswire/ -- Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars Entertainment" or "Caesars") and VICI Properties Inc. (NYSE:VICI) ("VICI Properties" or "VICI") today announced they have completed the previously disclosed transaction to sell Harrah's Reno Hotel and Casino ("Harrah's Reno") to an affiliate of CAI Investments for $41.5 million. The proceeds of the transaction were split 75% to VICI and 25% to Caesars, while the annual rent payments under the Regional Master Lease between Caesars and VICI remain unchanged. About Caesars Entertainment Caesars Entertainment is the largest casino-entertainment company in the U.S. and one of the world's most diversified casino-entertainment providers. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment's resorts operate primarily under the Caesars®, Harrah's®, Horseshoe® and Eldorado® brand names. Caesars Entertainment offers diversified amenities and one-of-a-kind destinations, with a focus on building loyalty and value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate. About VICI Properties VICI Properties 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.
    [Show full text]
  • VICI Properties Inc. to Acquire JACK Cleveland Casino and JACK Thistledown Racino in Sale Leaseback Transaction with JACK Entertainment
    NEWS RELEASE VICI Properties Inc. to Acquire JACK Cleveland Casino and JACK Thistledown Racino in Sale Leaseback Transaction With JACK Entertainment 10/28/2019 – Acquiring Market-Leading Properties at Attractive 7.8% Capitalization Rate – – Further Diversifying Tenant Roster Through Long-Term Partnership with JACK Entertainment – – Acquisition Expected to be Immediately Accretive at Closing – NEW YORK--(BUSINESS WIRE)-- VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today announced it has entered into a denitive agreement with an aliate of JACK Entertainment LLC (“JACK Entertainment”) to acquire 100% of the membership interests of its aliates that own casino-entitled land and real estate and related assets associated with JACK Cleveland Casino, located in downtown Cleveland, Ohio, and JACK Thistledown Racino, located approximately 10 miles southeast of downtown Cleveland in the city of North Randall, Ohio, for an aggregate purchase price of approximately $843.3 million in cash. Simultaneous with the closing of the transaction, the Company will enter into a master triple-net lease agreement with JACK Entertainment related to the assets. The master lease will have an initial total annual rent of $65.9 million, for an implied capitalization rate of 7.8%, and an initial term of 15 years with four 5-year tenant renewal options. The rent coverage ratio at closing is expected to be approximately 1.72x and the tenant’s obligations under the lease will be guaranteed by Rock Ohio Ventures LLC. Additionally, the Company will provide a $50 million loan secured by certain non-gaming real estate assets of Rock Ohio Ventures LLC, which will bear interest at 9.0% for a period of ve years with two 1-year extension options.
    [Show full text]
  • Caesars Entertainment Bankruptcy
    CAESARS ENTERTAINMENT BANKRUPTCY NATHAN MOONEY, ZICHONG PENG, CHAO WANG, AND JOANNA XU SUBMITTED TO: PROF. EDWARD ALTMAN & PROF. STUART KOVENSKY FOR: FINC-GB.3198.01 - CORPORATE BANKRUPTCY AND REORGANIZATION DATE: DECEMBER 14TH, 2017 FINC-GB.3198.01 TABLE OF CONTENTS Executive Summary 1 Part I – Pre-Leveraged Buyout History of Harrah’s Entertainment 1 Section 1.1 – From Humble Beginnings to Formidable Industry Player 1 Section 1.2 – Developing the Total Rewards Program 2 Section 1.4 Macroeconomic Environment Pre-LBO 3 Part II – The 2008 Leveraged Buyout by Apollo and TPG Capital 4 Section 2.1 Investment Thesis 4 Section 2.2 - Deal Structure 7 Part III – Could Bankruptcy Have Been Predicted? 8 Section 3.1 - External Factors for Decline 8 Section 3.2 - Internal Factor - Aggressive Capital Structure 9 Section 3.3 - Internal Factor - Missed Opportunity in Asian Markets 12 Part IV – Out-of-Court Restructuring Attempts 12 Section 4.1 – Capital Markets Transactions 13 Section 4.2 – Structural Reorganization and Related Asset Sales 14 Section 4.3 - Creditor’s Response and the Road to Bankruptcy 18 Part V – Major Pre-Bankruptcy Litigation 19 Part VI – The Bankruptcy Filing 21 Section 6.1 – Overview of the Bankruptcy 21 Section 6.2 – The Examiner’s Report 23 Part VII – Similar Cases 31 Section 7.1 – Case Study: Dynegy 32 Section 7.2 – Case Study: Sears Holdings 33 Part VII – Conclusion 34 CAESARS ENTERTAINMENT BANKRUPTCY EXECUTIVE SUMMARY In October 2006, Harrah’s Entertainment Inc. (“Harrah’s” or “HET”), later renamed Caesars Entertainment Corporation (“Caesars” or “CEC”), was the subject of a takeover offer from famous buyout firms Apollo Global Management (“Apollo”) and Texas Pacific Group Capital (“TPG”) (together, the “Sponsors”) that changed the company’s course forever.
    [Show full text]
  • View Annual Report
    2018 VICI Properties Inc. Annual Report CAESARS PALACE LAS VEGAS, NV HORSESHOE COUNCIL BLUFFS COUNCIL BLUFFS, IA HARVEYS LAKE TAHOE STATELINE, NV CASCATA GOLF COURSE BOULDER CITY, NV HARRAH’S LAS VEGAS, NV HARRAH’S GULF COAST BILOXI, MS CEO LETTER TO STOCKHOLDERS Dear VICI Stockholders, This 2018 VICI Annual Report is the distillation, in words and numbers, of a very productive and positive year for our company. Overview If we call it a baker’s dozen and make it a 13-month year—by including December 2017, a truly foundational month in VICI’s development—it was a period in which we began the forging of an institutional-quality commercial real estate company—a truly blue-chip REIT. Those steps included: • Raising $3.1 billion of equity (including $2.1 billion of public equity issued during calendar year 2018 alone, leading all American REITs in primary equity issuance during 2018); • De-leveraging over that same time period from 8.4x Net Debt to Adjusted EBITDA to 4.2x Net Debt to Adjusted EBITDA at year-end 2018; • Acquiring or announcing the acquisition of approximately $2.7 billion of real estate at a blended going-in cap rate of 8.3%; • Diversified our roster of best-in-class gaming operators—announcing two transactions with a new tenant and exceptional operator, Penn National Gaming; and • Increasing our annualized dividend by 9.5% after only two quarters of being a dividend-paying REIT. These were all vital steps in building a foundation of enduring value for VICI’s stockholders. Our Real Estate and Our Tenants In addition to building a foundation of enduring value for our stockholders, one of our most important objectives in 2018 was beginning to help investors answer the question “Just how good is this real estate?” The quick answer? Really good, as in institutional-quality good.
    [Show full text]
  • VICI Properties Inc. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 2, 2018 VICI Properties Inc. (Exact Name of Registrant as Specified in its Charter) Maryland 001-38372 81-4177147 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 430 Park Avenue, 8th Floor New York, New York 10022 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: (646) 949-4631 Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐ Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    [Show full text]
  • Caesars Entertainment and VICI Properties Announce Sale of Harrah’S Louisiana Downs to Rubico Acquisition
    NEWS RELEASE Caesars Entertainment and VICI Properties Announce Sale of Harrah’s Louisiana Downs to Rubico Acquisition 9/3/2020 NEW YORK--(BUSINESS WIRE)-- Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars” or “CZR”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) today announced denitive agreements to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment (“Harrah’s Louisiana Downs”) to Rubico Acquisition Corp. for $22 million. The proceeds of the transactions shall be split $5.5 million to VICI Properties and $16.5 million to Caesars subject to customary adjustments for cash and net working capital. The annual base rent payments under the Regional Master Lease between Caesars and VICI will remain unchanged. The transactions are expected to close at the end of 2020 or early 2021, and are subject to regulatory approvals and other closing conditions. About Caesars Entertainment, Inc. Caesars Entertainment, Inc. is the largest casino-entertainment company in the U.S. and one of the world's most diversied casino-entertainment providers. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment's resorts operate primarily under the Caesars®, Harrah's®, Horseshoe® and Eldorado® brand names. Caesars Entertainment oers diversied amenities and one-of-a-kind destinations, with a focus on building loyalty and value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.
    [Show full text]
  • VICI Properties Inc. (Exact Name of Registrant As Specified in Its Charter) ______Maryland 81-4177147 (State Or Other Jurisdiction of Incorporation Or (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ FORM 10-Q ________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-38372 _________________________ VICI Properties Inc. (Exact name of registrant as specified in its charter) __________________________ Maryland 81-4177147 (State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.) organization) 535 Madison Avenue, 20th Floor New York, New York 10022 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: (646) 949-4631 __________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common stock, $0.01 par value VICI New York Stock Exchange Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
    [Show full text]
  • VICI PROPERTIES INC. Form 8-K Current Event
    SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current report filing Filing Date: 2021-08-05 | Period of Report: 2021-08-04 SEC Accession No. 0001705696-21-000154 (HTML Version on secdatabase.com) FILER VICI PROPERTIES INC. Mailing Address Business Address 535 MADISON AVENUE, 535 MADISON AVENUE, CIK:1705696| IRS No.: 814177147 | State of Incorp.:MD | Fiscal Year End: 1231 20TH FLOOR 20TH FLOOR Type: 8-K | Act: 34 | File No.: 001-38372 | Film No.: 211145990 NEW YORK NY 10022 NEW YORK NY 10022 SIC: 6798 Real estate investment trusts (646) 949-4631 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________________________________ FORM 8-K __________________________________________________ CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 4, 2021 __________________________________________________ VICI Properties Inc. (Exact Name of Registrant as Specified in its Charter) __________________________________________________ Maryland 001-38372 81-4177147 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 535 Madison Avenue, 20th Floor New York, New York 10022 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: (646) 949-4631 Not Applicable (Former Name or Former Address, if Changed Since Last
    [Show full text]
  • VICI Properties Inc. (Exact Name of Registrant As Specified in Its Charter) ______Maryland 81-4177147 (State Or Other Jurisdiction of Incorporation Or (I.R.S
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ FORM 10-Q ________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-38372 _________________________ VICI Properties Inc. (Exact name of registrant as specified in its charter) __________________________ Maryland 81-4177147 (State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.) organization) 535 Madison Avenue, 20th Floor New York, New York 10022 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: (646) 949-4631 __________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common stock, $0.01 par value VICI New York Stock Exchange Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
    [Show full text]
  • MGM Resorts Spinoff Sold in $17B Deal by Eli Segall and Colton Lochhead Las Vegas Review-Journal August 4, 2021 - 6:52 Am
    MGM Resorts spinoff sold in $17B deal By Eli Segall and Colton Lochhead Las Vegas Review-Journal August 4, 2021 - 6:52 am A major casino landlord is buying another in a $17 billion-plus deal, putting real estate ownership of many of Las Vegas’ biggest resorts under one company. Caesars Entertainment spinoff Vici Properties reached a deal to acquire MGM Resorts International spinoff MGM Growth Properties, the companies announced Wednesday. The transaction — valued at $17.2 billion, including the assumption of about $5.7 billion of debt — is expected to close in the first half of 2022. MGM Resorts will still operate all the properties Vici is acquiring, and the deal will not bring any changes for customers or employees at the resorts, MGM spokesman Brian Ahern said. Still, the buyout easily ranks among the biggest real estate sales the Strip has ever seen, significantly expands Vici’s already-growing portfolio on Las Vegas Boulevard, and comes as the valley’s tourism industry bounces back from the devastating spillover effects of the still-raging coronavirus pandemic. Vici CEO Ed Pitoniak said on a conference call that the deal creates the largest private owner of meeting and convention space in the country and the largest hotel owner in the U.S. as measured by rooms. He also said the Strip might be “the most economically productive single street in America.” ‘$10,000 on a bottle of vodka’ New York-based Vici’s real estate portfolio includes Caesars Palace, Harrah’s Las Vegas and Harrah’s Laughlin. MGM Growth’s holdings include the MGM Grand, Mandalay Bay, The Mirage, Park MGM, Luxor, New York-New York and Excalibur.
    [Show full text]