DOCSLIB.ORG

Vol25-Issue9

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Vol25-Issue9 April 5, 2019 Volume 25, Issue 9 For more information on Michigan’s gaming industry, please visit www.michigangaming.com Editor in Chief David D. Waddell, Esq. Phone: 517.507.3859 [email protected] Senior Gaming Analyst & Editor Robert R. Russell, II Phone: 517.507.3858 [email protected] HARD ROCK INTERNATIONAL ACQUIRING JACK CINCINNATI CASINO Reporter and Associate Editor J.J. Burchman, Esq. In a press release issued today, Hard Rock International announced that it is Phone: 517.999.5414 collaborating with VICI Properties, Inc. (VICI) to acquire the JACK Cincinnati Ca- [email protected] sino. Through the joint purchase, Hard Rock will acquire the operating assets of the casino, rebranding it Hard Rock Casino Cincinnati, while VICI will own the Distribution Coordinator land and real estate assets. Julie Williams Phone: 517.507.3861 [email protected] JACK Entertainment issued a press release announcing the sale of JACK Cincin- nati and of Turfway Park for a total price of $780 Million, pending regulatory approval. According to the press release, JACK Cleveland Casino and JACK Thistledown Racino will not be impacted by this transaction and JACK Entertainment will Subscription information: remain committed to investing in and operating these properties. [email protected] “We viewed the gaming industry as a catalyst for economic development in our local communities. After ten years, hundreds of millions of dollars of invest- ment developing JACK Cincinnati Casino from the ground up, and establishing a A publication of strong customer-focused culture, we have successfully positioned JACK Cincin- RMC Ventures, LLC nati Casino for further future success,” said Matt Cullen, Chief Executive Officer of JACK Entertainment. “We are confident that Hard Rock and its world- Asher Court renowned brand will be a great addition to the Queen City and the right choice 321 W. Lake Lansing Rd. to take JACK Cincinnati Casino and Turfway Park to the next level of growth. East Lansing, MI 48823 We chose to sell to Hard Rock, in large part, due to its great culture and quality Phone: 517.507.3860 of its leadership. They are an outstanding operator that JACK Cincinnati Casino Fax: 517.908.0235 and Turfway Park team members will enjoy working with as they continue to www.rmclegal.com deliver excellent service to our guests.” Dan Gilbert’s JACK Entertainment, LLC also owns Greektown Casino, and an- nounced last November that it was selling the Detroit property to Penn Nation- 1 of 4 al and VICI. See our article in Volume 24, Issue 36 Under the Indian Gaming Regulatory Act (IGRA) of The Michigan Gaming News. and NIGC regulations (25 C.F.R. Part 518), self- regulation status allows a tribe to regulate Class II "Hard Rock has been the number one operator in gaming with reduced oversight from the NIGC. Ohio since opening in the greater Cleveland mar- The Commission only issues certificates of self- ket in 2013," said Jim Allen, chairman and CEO of regulation to a tribe that can demonstrate it has Hard Rock International. "And now, we look for- satisfied the applicable requirements, which in- ward to introducing our unique brand of casino clude a three-year review to ensure its gaming entertainment to Cincinnati. On behalf of the activities have been in compliance with the IGRA, 40,000 Hard Rock team members worldwide, I am pleased to welcome the more than 1,000 JACK NIGC regulations, and the tribe’s laws and regula- Cincinnati employees into the Hard Rock family." tions. “I commend the Tribe for being able to achieve JACK Cincinnati is situated on 22 acres in the self-regulation status under IGRA,” said NIGC Broadway Commons area of downtown Cincin- Chairman Jonodev Chaudhuri. “The Pokagon Band nati. The property features 100,000 square feet of of Potawatomi has worked hard to reach this sta- gaming space with approximately 1,800 gaming machines and 100 table games. Additionally, the tus and continues to demonstrate self-sufficiency property contains 33,000 square feet of meeting and self-determination, key principles outlined in space, six high-quality restaurants and two bars. IGRA. The Tribe ensures that its operations will New property improvements will be announced continue to benefit its citizens and communities by Hard Rock later this year. for years to come. As part of the self-regulation process, the NIGC "We are proud to partner with Hard Rock, further spent a significant amount of time reviewing the diversifying our tenant roster with an internation- al leader in gaming, entertainment and hospitality Tribe’s gaming regulatory structures. This review experiences and a renowned global platform of process ensures that the Tribe has conducted its 245 hospitality venues across 75 countries," said gaming activity in a manner that effectively ac- John Payne, president and chief operating officer counts for all gaming revenue; that it has a repu- of VICI Properties. tation for a safe, fair, and honest operation; and that it is free of criminal or dishonest activities. The transaction is subject to regulatory approvals Additionally, the NIGC confirms that the Tribe’s and customary closing conditions and is expected gaming operation is operated on a fiscally sound to close in late 2019. The acquisition is expected basis and that it has adequate systems for ac- to be accretive immediately upon closing. counting, investigations, licensing, and enforce- ment. NIGC PRESENTS CERTIFICATE OF SELF-REGULATION TO THE “We are honored to be the first tribe in Michigan POKAGON BAND OF POTAWATOMI and Indiana to receive a Certificate of Self- Regulation from the National Indian Gaming Com- Per a press release dated March 25, 2019 , the mission. This achievement emphasizes the National Indian Gaming Commission (NIGC) pre- Pokagon Band’s dedication and commitment to sented a certificate of self-regulation to the regulatory excellence and the preservation of our Pokagon Band of Potawatomi at their annual citi- Tribal sovereignty,” said Matthew Wesaw, Chair- zen’s meeting which was held at the Mendel Cen- man of the Pokagon Band of Potawatomi Indians. ter at Lake Michigan College. The tribe’s certifi- “I want to thank the Pokagon Band Gaming Com- cate of self-regulation went into effect on January mission for their continued diligence and determi- 1st, 2019. nation that not only made self-regulation possible 2 of 4 but also ensures that our gaming operations are MGM NORTHFIELD PARK IN OHIO conducted honestly and free from unlawful con- OPENS duct and corruptive elements.” On April 9, 2019, MGM will celebrate the official The Pokagon Band of Potawatomi is just the fifth switchover of the Hard Rock Rocksino outside of tribe to be granted a self-regulation certificate Cleveland. During opening ceremonies, MGM will from the NIGC. unveil the iconic MGM Lion statue as well as cele- brate the company’s entry into the Ohio gaming marketplace. MUSKEGON LITTLE RIVER BAND CASINO PROPOSAL COMMENT The press release stated: “Community leaders, PERIOD EXTENDED guests, team members and MGM senior leader- ship will share this exciting milestone at Ohio’s In a notice published in the Federal Register on award-winning, gaming, dining, and entertain- March 18, 2019, the U.S. Department of Interior ment destination.” reopened the public comment period for the Fruitport Township proposed casino project. As MGM purchased the site from Hard Rock for $1 detailed in Volume 24 Issue 39 of The Michigan billion in July 2018. The official switchover oc- Gaming Newsletter, The Little River Band of Otta- curred on April 1, 2019. In connection with the wa Indians seek to build a $180 million casino in switchover, MGM announced plans to rebrand Fruitport Township. The public comment period the Hard Rock Café as the TAP Sports Bar, as well originally ended January 8, 2019. While the DIA as rename several of the property’s shops, bars, did not give a reason for the reopening, the re- venues and restaurants. The facility has historical- cent government shutdown handcuffed the BIA in receiving and processing comments. The com- ly been the most profitable of Ohio’s casinos. As a ment period now ends on April 17, 2019. racino, it is not permitted to offer table games or as wide a variety of slot machines as a casino re- sort. Despite these restrictions, it generated $256 SIXTH CIRCUIT OPINION UPHOLD- million in slots revenue in 2018. ING TRIBAL SOVEREIGNTY APPEALED TO THE US SUPREME COURT PROBLEM GAMBLING ADVOCACY DAY IS APRIL 10 IN WASHINGTON, On March 18, 2019, Buchwald Capital Advisors, D.C. LLC filed a petition for writ of certiorari with the United States Supreme Court in its bankruptcy The National Council on Problem Gambling dispute with the Greektown Litigation Trust. As (NCPG) has sent out a reminder that Problem detailed in Volume 25 Issue 6 of The Michigan Gambling Advocacy Day is Wednesday, April 10, Gaming Newsletter, the dispute centered around 2019 in Washington, D.C. Registration is required whether sovereign immunity applies to the Sault and there is no fee. Deadline to register is Thurs- Ste Marie Tribe of Chippewa Indians and the day, April 4, 2019 at 4:00 PM EDT due to Capitol Kewadin Tribal Gaming Authority in bankruptcy security requirements. Please click here to regis- proceedings. In proceedings relating back to the ter or review more information. Greektown Casino bankruptcy in 2008, the bank- ruptcy litigation trustee has continued to seek to Events surrounding advocacy day will begin on avoid conveyances and recover transfers totaling the evening of Tuesday, April 9th with a welcome $177 million that were made by the Tribe and reception and dinner. Advocacy day will com- Kewadin in 2005. 3 of 4 mence on the 10th with an orientation for stake- holders on Capitol Hill.
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]
  • 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.
    [Show full text]
  • JACK Entertainment Recognized for Responsible Alcohol Training Program
    ® T RAINING FOR I NTERVENTION P ROCEDURE S FOR IMMEDIATE RELEASE Contact: Trevor Estelle Health Communications, Inc. 703-524-1200 ext. 357 [email protected] JACK Entertainment Recognized for Responsible Alcohol Training Program ARLINGTON, Virginia – March 16, 2017 – Health Communications, Inc. (HCI), the providers of the TIPS (Training for Intervention ProcedureS) Program, is pleased to announce that JACK Entertainment based in Detroit, Michigan has been awarded the 2017 TIPS Award of Excellence. This is an award bestowed by Health Communication’s President & CEO, Adam Chafetz, and is chosen by an internal committee based on both volume of TIPS training and feedback from TIPS Trainers and student participants. While nine other companies received the award in 2017, JACK Entertainment is one of four recipients in the casino and gaming category. Their properties include JACK Cincinnati Casino, JACK Cleveland Casino, JACK Thistledown Racino, Greektown Casino-Hotel, and Turfway Park. JACK Entertainment is focused on the development and operation of gaming facilities that are designed to maximize connectivity and economic impact in the local areas where they reside. According to Mr. Chafetz, “By having certified over 2,400 employees in the TIPS for Gaming program, JACK Entertainment has continually demonstrated a commitment to their guests and the communities where they reside.” The TIPS for Gaming program is tailored specifically for casinos. The primary goal of TIPS for Gaming is to build skills, instill confidence, and empower casino employees to intervene in alcohol-related situations and ensure that alcohol is sold responsibly and legally. Employees and managers who are certified in TIPS are able to prevent sales to minors, recognize signs of intoxication, effectively intervene to prevent problem situations, and handle refusal situations with greater confidence.
    [Show full text]
  • Overview Access & Parking On-Site
    OVERVIEW PROPERTY RENOVATIONS • JACK Thistledown Racino is a premier thoroughbred • JACK Entertainment has invested more than $150 racetrack and VLT facility located about 10 miles million on improving the storied facility since the southeast of downtown Cleveland in the city of purchase of the property in 2012. North Randall. • JACK Thistledown Racino reopened as a VLT facility • Affiliates of JACK Entertainment LLC in April 2013, after an $89 million renovation that (“JACK Entertainment”), formerly Rock Gaming LLC, created a 57,000-square-foot gaming space with own JACK Thistledown Racino. approximately 1,300 VLTs, as well as the state’s first gaming patio. • Founded in 1925, JACK Thistledown is home of the Ohio Derby. The facility offers live racing from May 1 • Racing program improvements also have included through October and simulcast racing year round. installing new simulcast viewing equipment, creating a premium seating area and updating • JACK Thistledown Racino employs more than mutuel teller windows. 500 team members during the live racing season. • In 2016, JACK Thistledown Racino opened a $70 • Scott Lokke is the senior vice president and general million addition that includes a 1,000-space parking manager of JACK Thistledown Racino. garage, 250 additional VLTs, Millcreek Grille, Nonna Pazza made-to-order pasta bar, Cleo's sports bar • JACK Thistledown Racino was named a Top Workplace and a guest lobby and atrium. in Northeast Ohio by the Plain Dealer. A recognition given to companies who provide outstanding company DEVELOPERS cultures as voted by their team members. • JACK Entertainment is a Midwest-based urban gaming company focused on the development and operation • JACK Thistledown Racino has more than 1,300 VLTs.
    [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]
  • GAMING • Cleveland Became the First City in the State of Ohio to • the Property Includes a 96,000-Square-Foot Gaming Host a Full-Service Casino on May 14, 2012
    OVERVIEW GAMING • Cleveland became the first city in the State of Ohio to • The property includes a 96,000-square-foot gaming host a full-service casino on May 14, 2012. The state floor with a variety of slot machines, table games and is the 23rd commercial gaming jurisdiction in the poker options. United States. • Denominations among more than 1,200 slots and • Affiliates of JACK Entertainment LLC, formerly Rock video poker machines range from 1 cent to $500 per Gaming LLC, own JACK Cleveland Casino. spin; the most current and popular slot themes are available. • The 300,000-square-foot casino is located inside the historic Higbee Building on Public Square adjacent to • The casino offers nearly 100 table games including the city’s entertainment district. Blackjack, Craps, Roulette, Let It Ride and several Poker derivatives. • JACK Cleveland Casino was named a Top Workplace in Northeast Ohio by the Plain Dealer. A recognition • The 28-table poker room hosts live poker action given to companies who provide outstanding around the clock with No Limit and Limit cash games company cultures as voted by their team members. such as Texas Hold ‘em, Omaha, 7 Card Stud and Razz. Weekly and monthly poker tournaments also • Mark Tricano is senior vice president of northeast are offered in the poker room. Ohio operations and general manager of JACK Cleveland Casino. • The casino features the newest in gaming technology with Synergy Table Games which combines electronic table games, live dealer games, and interconnected ACCESS play in a social and high-energy environment. • JACK Cleveland is open 24 hours a day, seven days a week.
    [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]
  • Jack Cleveland & Jack Thistledown Transaction
    JACK CLEVELAND & JACK THISTLEDOWN TRANSACTION OVERVIEW OCTOBER 28, 2019 0 32 96 0 96 199 0 187 167 DISCLAIMERS 112 173 71 Forward-Looking Statements 72 73 79 This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some 162 35 45 cases, beyond the control of VICI Properties Inc. and its subsidiaries (collectively, the “Company” or “VICI”) and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that the acquisition of JACK Cleveland Casino and JACK Thistledown Racino (collectively, “JACK Cleveland / Thistledown”) may not be consummated on the 244 242 241 terms or timeframe described herein, or at all; the ability of the parties to satisfy the conditions set forth in the definitive transaction documents, including the ability to receive, or delays in obtaining, the regulatory approvals required to consummate the transaction; the terms on which the Company finances the transaction, including the source of funds used to finance such transaction; 194 209 216 disruptions to the real property and operations of JACK Cleveland / Thistledown during the pendency of the closing; risks that the Company may not achieve the benefits contemplated by the acquisition of the real estate assets of JACK Cleveland / Thistledown (including any expected accretion or the amount of any future rent payments); and risks that not all potential risks and liabilities have been identified in the due diligence.
    [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]