bscnews304   Album Posted Sep.17th, 2024, viewed 33 times

VICI Real Estate Invests $700M In Transformation Of Venetian Resorts Las Vegas

VICI Properties Inc., a prominent real estate investment trust company (REIT), has unveiled plans to spend up to $700 million on a wide range of refurbished projects at The Venetian Resort Las Vegas, marking an important step in enhancing the delivery and guest experience of this renowned integrated resort.

VICI Real Estate Cooperation With Venice For Major Upgrades
Part of VICI's Partner Property Growth Fund strategy, this capital infusion aims to fund a variety of initiatives, such as renovation to hotel rooms, optimization of game floors, and improvement to entertainment and convention facilities. The effort seeks not only to increase the overall appeal of the property, but also to increase its intrinsic value in the marketplace.

According to John Payne, President and Chief Operating Officer of VICI Properties, our collaboration with The Venetian Resort highlights our commitment to innovation and progress in hospitality. He has been enthusiastic about supporting impactful expansion efforts at Las Vegas landmarks, citing impressive achievements made since VICI's acquisition in 2022 with a fund managed by Apollo Global Management.

David Kieske, Chief Financial Officer of VICI Properties, emphasized the strategic alignment of the Partner Property Growth Fund strategy with the company's overall goals. He highlighted the dynamic nature of VICI's real estate assets and the potential for creative capital deployment to optimize operational efficiency and profitability.

VICI Properties' $700 MILLION CAPITAL INJECTION AND FOCUS ROOM EXPANSION
The financing agreement entails an initial investment of $400 million to be spent in 2024, with an additional $300 million to be withdrawn by November 1, 2026. Rent payments under existing leasing agreements will be gradually increased, reflecting a 7.25% return from the first day of each quarter after capitalization.

In addition, under the agreement, a 2.0% annual rent increase will begin on March 1, 2029, after which the increase will be limited to 3.0% in conjunction with the fixed rate or the Consumer Price Index (CPI).

Venetian capital investment is expected to be financed through cash reserves and partial settlement of futures equity sale agreements, highlighting VICI's cautious approach to capital allocation and investment management.

In addition, Venetian Resort Las Vegas is relocating and expanding its poker room to a larger space on the second floor of the Grand Canal Shoppe, which is scheduled to open in the summer of 2024.

In a broader context, the initiative shows a growing trend for REITs, including VICI, to provide funding for tenant-led improvement projects in the gaming and hospitality sectors. 카지노사이트 모음