VICI Properties Gears Up for IPO

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VICI Properties has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing but the offering is valued up to $100 million. The company intends to list its shares on the New York Stock Exchange under the symbol VICI.

The underwriters for the offering are Morgan Stanley, Goldman Sachs and Merrill Lynch.

This company is an owner, acquirer and developer of experiential real estate assets across leading gaming, hospitality, entertainment and leisure destinations. Its national, geographically diverse portfolio consists of 20 market-leading properties, including Caesars Palace Las Vegas and Harrah’s Las Vegas, two of the most iconic entertainment facilities on the Las Vegas Strip.

Its entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. Across more than 36 million square feet, VICI’s properties are located in nine states, contain nearly 14,000 hotel rooms and feature over 150 restaurants, bars and nightclubs. Its portfolio also includes approximately 37 acres of undeveloped land adjacent to the Vegas Strip that is leased to Caesars, which it may look to monetize as appropriate.

VICI also owns and operates four championship golf courses located near certain properties, two of which are in close proximity to the Las Vegas Strip. As a growth-focused public real estate company, The firm expects that it will be able to acquire additional properties in the leisure and hospitality field.

The company intends to use the net proceeds from the offering to pay down its debt, as well as for working capital and general corporate purposes.