a hotel and casino entertainment company. It was founded in 1996 as Eldorado Resorts Inc. In addition to the casinos, it operates attractions such as zip lines, carnivals, golf clubs, concerts, nightclubs, retail shops, spas and salons. It accounts for 40% of VICI Properties’ total base rent. (NASDAQ: CZR), VICI Properties’ largest tenant, leases and operates properties such as Caesars Palace Las Vegas and Harrah’s Las Vegas as well as several leading regional gaming facilities. The three largest tenants of VICI Properties are:Ĭaesars Entertainment Inc. The initial annual rent is $40 million, and the lease has a 25-year term, with three 10-year tenant renewal options. 16 announcement that it entered into a triple-net lease agreement with Cherokee Nation Businesses, the operator of Gold Strike Casino Resort, in Tunica, Mississippi. Investors were not as concerned about rising inflation impacting VICI Properties as they were with some other REITs.Īnother positive was VICI Properties’ Feb. One reason VICI Properties has performed relatively well despite the rising interest rates of the past year is that over 40% of its leases have 2% to 3% annual lease escalators for inflation. VICI Properties’ portfolio consists of 49 gaming facilities, with 59,300 hotel rooms and over 450 restaurants, bars, nightclubs and sports books. The initial public offering (IPO) was held on Feb. VICI Properties, which formed as a REIT in 2017, was a spinoff from Caesars Entertainment Operating Company as part of a Chapter 11 reorganization.
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