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- Vici Properties (NYSE:VICI) has acquired two hotel-and-casino properties in Mississippi for a total price of $293.4M from Foundation Gaming & Entertainment, a deal that brings Vici into the Vicksburg market. The transaction was financed with cash on hand.
- Simultaneous with the acquisition, Vici (VICI) entered a triple-net master lease agreement with subsidiaries of Foundation Gaming related to the assets. The properties are the Fitz Casino & Hotel in Tunica, MS, and the WaterView Casino & Hotel in Vicksburg, MS.
- The master lease has an initial total annual rent of $24.25M, representing an implied acquisition capitalization rate of 8.3%, and an initial term of 15 years, with four five-year tenant renewal options. The rent coverage ratio in the first year after closing is expected to be ~2.0x and the tenants' obligations under the lease are guaranteed by the parent entity, Foundation Gaming.
- On Monday, Vici (VICI) entered into a triple-net lease agreement with Hard Rock International for the Mirage Hotel & Casino operations in Las Vegas.