VICI Properties Completes $144M Canadian Casino Acquisition, Secures 25-Year Lease with $11.6M Annual Rent Increase
VICI is trading near its 52-week low of $26.075 (2.5% above the low) on elevated volume (2.3× avg).
Summary
VICI Properties has completed the previously announced acquisition of Canadian casino and hotel real estate assets for $144.4 million USD. The properties have been added to an existing triple-net master lease with Pure Casino Entertainment, increasing VICI's annual rent by $11.6 million USD. The lease term was also extended to a full 25 years, providing long-term, stable revenue for the REIT.
At the time of this announcement, VICI was trading at $26.72 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $28.6B. The 52-week trading range was $26.08 to $34.01. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.