Vici underwrites Station tribal project

<p>Perhaps the biggest news from Vici Properties’s first-quarter-earnings release came in the second quarter.</p>
<p>The real estate investment trust (REIT) announced that it has entered into a $510 million financing arrangement to underwrite a tribal casino in northern California. The project, to be owned by the North Fork Mono Rancheria, is being built and will be operated by Station Casinos.</p>
<p>The North Fork loan, Vici’s first transaction with Station, was structured in two tranches. The first loan of $340 million will be split between Vici ($125 million) and another lender, while the second $385 million loan will be entirely Vici’s. The loans will mature by 2031.</p><div class=”cdcgaboba-content-placement-after-3rd-paragraph” style=”text-align: center;margin-bottom: 1em;” id=”cdcgaboba-2902101149″><a data-bid=”1″ data-no-instant=”1″ href=”https://cdcgaming.com/out/72800″ rel=”noopener” class=”notrack” target=”_blank”><video width=”720″ height=”180″ fullscreen=”false” playsinline autoplay muted loop poster=”” controlsList=”nodownload” id=”trustlybanner” role=”presentation” aria-hidden=”true”>
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<p>Said CEO Edward Pitoniak in a formal statement, “This transaction represents Vici&#8217;s second loan investment on tribal land and [Station Casinos’s] first partnership with a REIT. We value both of these partnerships and take pride in our ability to build deep relationships with dynamic growth-minded operators that will help to contribute to our long-term growth goals and objectives.â€</p>
<p>Added CFO David Kieske, &#8220;Vici is also proud of our diligent focus on balance-sheet management and remaining situationally ready in all market environments.â€</p>
<p>Also subsequent to March 31, Vici put out $1.3 billion in investment-grade senior notes in order to underwrite existing debt.</p><div class=”cdcgaboba-content-placement-after-3rd-paragraph” style=”text-align: center;margin-bottom: 1em;” id=”cdcgaboba-4220037957″><div class=”cdcgaboba-content-placement-after-3rd-paragraph” style=”text-align: center;margin-bottom: 1em;” id=”cdcgaboba-1606202087″><a data-bid=”1″ data-no-instant=”1″ href=”https://cdcgaming.com/out/14507″ rel=”noopener” class=”notrack” target=”_blank” aria-label=”smokefree-protect-workers-720&#215;90-1.gif”><img loading=”eager” decoding=”async” src=”https://cdcgaming.com/wp-content/uploads/2022/09/smokefree-protect-workers-720×90-1.gif” alt=”” class=”no-lazyload” width=”720″ height=”90″ /></a></div></div>
<p>In non-gaming developments, Vici reiterated its partnership with Eldridge Industries and Cain International on a $300 million Beverly Hills retail development, One Beverly Hills. The REIT also disclosed a $2.5 billion, multi-currency, unsecured, revolving, credit facility replacing an unsecured, revolving, credit facility of the same size.</p>
<p>Revenue for the quarter was $984.2 million, a 3.4 percent increase. Profits, however, decreased 7.9 percent to $543.6 million. Vici ended the quarter with $334.3 million cash on hand and $16.8 billion in debt.</p>