VICI Properties Inc. Enters Into Settlement With Indigenous Gaming Companions Associated to PURE Canadian Gaming

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Printed Dec 10, 2024 • 5 minute learn

NEW YORK — VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or the “Firm”) introduced immediately that it has entered into an modification and consented to the project of the grasp lease settlement with PURE Canadian Gaming Corp. (“PURE”) to an affiliate of Indigenous Gaming Companions Inc. (“IGP”), in reference to the acquisition of the working belongings of PURE by an affiliate of IGP.

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IGP is a partnership of 5 institutional First Nations established to accumulate gaming belongings in North America. IGP has partnered with Sonco Gaming, considered one of Canada’s most skilled on line casino builders and managers, who will help within the sourcing and execution of on line casino gaming investments, in addition to administration oversight of IGP’s portfolio.

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Danny Valoy, Vice President of Enterprise Growth and Acquisitions, stated, “This transaction demonstrates VICI’s means to collaboratively work with current companions whereas constructing new relationships with extremely skilled operators and First Nations in worldwide jurisdictions. We’re happy to welcome IGP as a brand new companion, and we stay up for increasing our relationship with IGP and Sonco as they pursue extra progress alternatives sooner or later.”

Anthony Novac, CEO of Sonco, stated, “We’re excited to work with VICI, a longtime companion in offering monetary options to the gaming {industry}. We consider having a companion like VICI will give us a aggressive benefit as we search progress alternatives within the Canadian market.”

In reference to coming into into the modification to the PURE Canadian grasp lease, VICI obtained a 5-year proper of first supply (“ROFO”) on future sale-leaseback transactions. Any extra properties acquired pursuant to the ROFO will probably be added to the grasp lease.

The annual base hire of C$22.0 million (US$15.5 million primarily based on the CAD:USD change price as of December 9, 2024) and different financial phrases of the PURE Canadian grasp lease will stay unchanged, together with a base time period of 25-years with 4 5-year tenant renewal choices, escalation of 1.25% every year in lease yr 3, with escalation equal to the larger of 1.5% and Canadian CPI (capped at 2.5%) beginning in lease yr 4, and a minimal capital expenditure requirement equal to 1.0% of annual internet income. The lease, presently in lease yr 2 and escalating on February 1 of every yr, encompasses the next belongings in Alberta, Canada: PURE On line casino Edmonton, PURE On line casino Yellowhead, PURE On line casino Calgary and PURE On line casino Lethbridge.

About VICI Properties

VICI Properties Inc. is an S&P 500^® experiential actual property funding belief that owns one of many largest portfolios of market-leading gaming, hospitality and leisure locations, together with Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of probably the most iconic leisure amenities on the Las Vegas Strip. VICI Properties owns 93 experiential belongings throughout a geographically various portfolio consisting of 54 gaming properties and 39 different experiential properties throughout the US and Canada. The portfolio is comprised of roughly 127 million sq. ft and options roughly 60,300 lodge rooms and over 500 eating places, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators underneath long-term, triple-net lease agreements. VICI Properties has a rising array of actual property and financing partnerships with main operators in different experiential sectors, together with Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Nice Wolf Resorts, Homefield and Kalahari Resorts. VICI Properties additionally owns 4 championship golf programs and roughly 33 acres of undeveloped and underdeveloped land adjoining to the Las Vegas Strip. VICI Properties’ purpose is to create the very best high quality and best experiential actual property portfolio by way of a technique of partnering with the very best high quality experiential place makers and operators. For added data, please go to www.viciproperties.com.

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About IGP

Indigenous Gaming Companions Inc. is a newly established gaming firm targeted on growing a portfolio of high-quality, market-leading casinos by way of strategic acquisitions and operational excellence. The partnership is comprised of 5 institutional First Nations together with Glooscap First Nation, Millbrook First Nation, Annapolis Valley First Nation, We’koqma’q L’nue’kati, and Paqtnkek Mi’kmaw Nation. With a mission to create significant financial alternatives for Indigenous communities, IGP companions with distinctive administration groups to ship excellent leisure experiences whereas driving sustainable progress and long-term worth for our stakeholders. Guided by disciplined funding methods, hands-on operational experience, and backing from visionary traders, IGP is devoted to setting new requirements within the gaming {industry} whereas fostering prosperity for its Indigenous communities, charitable companions, and provincial stakeholders. For extra data, go to www.indigenousgamingpartners.com.

About Sonco Gaming Inc.

Sonco Gaming Inc. is a part of the Sonco Group of Firms, which focuses on actual property and gaming improvement and administration. Sonco has developed and/or managed among the nation’s most profitable Indigenous gaming tasks, together with The Nice Blue Heron On line casino on Mississaugas of Scugog Island First Nation in Ontario, and The Gray Eagle Resort & On line casino on the lands of Tsuut’ina First Nation outdoors of Calgary, AB. For extra data, go to www.sonco.ca.

Ahead-Trying Statements

This press launch accommodates forward-looking statements throughout the that means of the federal securities legal guidelines. You may determine these statements by our use of the phrases “assumes,” “believes,” “estimates,” “expects,” “steerage,” “intends,” “plans,” “tasks,” “will,” and related expressions that don’t relate to historic issues. All statements aside from statements of historic truth are forward-looking statements. It’s best to train warning in decoding and counting on forward-looking statements as a result of they contain recognized and unknown dangers, uncertainties, and different elements that are, in some instances, past VICI’s management and will materially have an effect on precise outcomes, efficiency, or achievements. Amongst these dangers, uncertainties and different elements are dangers that VICI could not obtain the advantages contemplated by the transaction described herein, together with with respect to entry into any future sale leaseback or different transactions between VICI and IGP, together with pursuant to VICI’s proper of first supply, or the anticipated advantages thereof. Further vital threat elements that will have an effect on VICI’s enterprise, outcomes of operations and monetary place are detailed sometimes in VICI’s filings with the Securities and Change Fee. VICI doesn’t undertake any obligation to replace or revise any forward-looking assertion, whether or not because of new data, future occasions, or in any other case, besides as could also be required by relevant legislation.