{"id":318872,"date":"2024-05-01T17:32:56","date_gmt":"2024-05-01T22:32:56","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=318872"},"modified":"2024-05-02T09:43:07","modified_gmt":"2024-05-02T14:43:07","slug":"vici-extending-up-to-700m-for-venetian-las-vegas-improvement","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/","title":{"rendered":"VICI to Provide up to $700M for Venetian Las Vegas Enhancements"},"content":{"rendered":"

VICI Properties (NYSE: VICI) said late Wednesday it will provide up to $700 million in financing for enhancements at the Venetian Resort Las Vegas.<\/p>\n

\"Venetian
The Venetian Las Vegas. Owner VICI Properties is providing financing to enhance the venue. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

That capital will be provided through VICI\u2019s Partner Property Growth Fund strategy and was announced on the day of Venetian\u2019s 25th<\/sup> birthday. Operator Apollo Global Management<\/a> (NYSE: APO) touted the occasion by noting it\u2019s spent $1.5 billion sprucing up the Las Vegas Strip integrated resort.<\/p>\n

VICI has agreed to provide up to $700 million of financing through the Venetian Capital Investment, comprised of $400 million to be drawn in 2024 and an incremental $300 million that The Venetian Resort will have the option, but not the obligation, to draw in whole or in part until November 1, 2026,\u201d according to a statement issued by the New York-based real estate investment trust (REIT). \u201cThe initial $400 million investment will be funded in three quarterly draws based on a fixed funding schedule: $100 million in Q2 2024, $150 million in Q3 2024 and $150 million in Q4 2024.\u201d<\/p><\/blockquote>\n

VICI is the largest owner of gaming real estate in Las Vegas and the US.<\/p>\n

Apollo, VICI Make for Strong Team at Venetian<\/h2>\n

In March 2021, Apollo and VICI acquired<\/a> the Venetian and the accompanying Palazzo along with the venue then known as the Sands Expo and Convention Center for $6.25 billion. The private equity firm paid $2.25 billion for the operating rights to the venues, while VICI shelled out $4 billion for the real estate.<\/p>\n

\n

Typically under triple-net leases — the common lease structure in the casino industry — tenants are financially responsible for additions and enhancements to the properties. Apollo has held up that end of the bargain at Venetian.<\/p>\n<\/div>\n

\u201cRedevelopment presents new gaming offerings including The Palazzo High Limit Lounge, the fully redesigned sportsbook complete with a multi-year naming rights partnership with Yahoo, the Yahoo Sportsbook powered by William Hill, and a brand-new poker room that will be debut this summer,\u201d according to a statement issued Wednesday by the Venetian.<\/p>\n

More recently, VICI and other REITs have shown a willingness to extend financing to tenants to improve gaming venues. Not only does that diversify REITs\u2019 revenue streams, but such transactions serve the aim of boosting property values, which is beneficial to landlords.<\/p>\n

Venetian Rent Going Up, Too<\/h2>\n

As part of the financing accord, VICI will increase<\/a> Apollo\u2019s lease obligations at Venetian. Under the existing rental agreement, rent will rise \u201con the first day of the quarter immediately following each capital funding at a 7.25% yield.\u201d<\/p>\n

The Incremental Venetian Rent will begin escalating annually at 2.0% on March 1, 2029, and commencing on March 1, 2031, will begin escalating on the same terms as the rest of the rent payable under the Venetian Resort Lease with annual escalation equal to the greater of 2.0% or Consumer Price Index (CPI), capped at 3.0%,\u201d said the REIT in the press release.<\/p><\/blockquote>\n

VICI will use cash on hand and partial settlement of forward equity sales to fund the Venetian improvements.<\/p>\n","protected":false},"excerpt":{"rendered":"

VICI Properties (NYSE: VICI) said late Wednesday it will provide up to $700 million in financing for enhancements at the Venetian Resort Las Vegas. That capital will be provided through VICI\u2019s Partner Property Growth Fund strategy and was announced on the day of Venetian\u2019s 25th birthday. Operator Apollo Global Management (NYSE: APO) touted the occasion […]<\/p>\n","protected":false},"author":46,"featured_media":237845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,81886],"tags":[81903,81898,23],"acf":[],"yoast_head":"\nVICI Extending Up To $700M For Venetian Las Vegas Improvement<\/title>\n<meta name=\"description\" content=\"VICI to Provide up to $700M for Venetian Las Vegas Enhancements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VICI Extending Up To $700M For Venetian Las Vegas Improvement\" \/>\n<meta property=\"og:description\" content=\"VICI to Provide up to $700M for Venetian Las Vegas Enhancements.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-01T22:32:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-02T14:43:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/venetian.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/\",\"url\":\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/\",\"name\":\"VICI Extending Up To $700M For Venetian Las Vegas Improvement\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/venetian.jpg\",\"datePublished\":\"2024-05-01T22:32:56+00:00\",\"dateModified\":\"2024-05-02T14:43:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"VICI to Provide up to $700M for Venetian Las Vegas Enhancements.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-extending-up-to-700m-for-venetian-las-vegas-improvement\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/venetian.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/venetian.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Venetian Las Vegas. 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