VICI Properties Acquires Foundation Gaming’s Property For $293M With 8.3% Capitalization

Real estate investment trust VICI Properties Inc. purchased the property assets of Fitz Casino & Hotel (“Fitz”) in Tunica, Mississippi and WaterView Casino & Hotel (“WaterView”) in Vicksburg, Mississippi, for a total of $293.4 million from the casino entertainment company Foundation Gaming & Entertainment, LLC. The deal was made in cash.

As part of the deal, Foundation Gaming’s subsidiaries agreed to a triple-net master lease agreement for assets. Foundation Master Lease has an initial annual rent of $24.25m, representing an implied acquisition capital ratio of 8.3%, with an initial period of 15 years, four 5-year tenant renewal options and tenant obligations under lease guaranteed by parent company Foundation Gaming. 온라인경마

VICI owns market-leading gaming, service and entertainment destinations such as Caesars Palace Las Vegas, MGM Grand and Venetian Resort Las Vegas, three of the most iconic facilities in Las Vegas Streep. The most recent deal, the property acquired from Fitz, will expand the trust’s impressive portfolio, one of the largest in the industry.

Fitz opened in 2018 to be acquired by Foundation Gaming in 1994. Located in Tunica, Mississippi, it has approximately 38,500 square feet of gaming space, 864 slot machines, 9 table games, 506 room hotels, and 6 food and beverage stores.

Waterview opened in 1993 and became the second largest asset in the Vicksburg market in 2015, becoming the asset of Foundation Gaming. As the resort’s name suggests, the property is located along the banks of the Mississippi River to ensure an outstanding visitor experience. Waterview has 37,000 square feet of gaming space, 650 slot machines, 10 table games, cafes, restaurants and a 122-room hotel.