Many analysts and investors are also bullish on the opportunities for growth in Las Vegas.
VICI's CEO says he's bullish on Las Vegas's continued growth, pointing to a packed convention and entertainment calendar next year, and attention-getting sports events including F1 in November 2023.ĭespite the sale, Blackstone COO Jay Gray said Las Vegas continues to be a high conviction market for Blackstone, which also owns the physical property of the Cosmopolitan and Bellagio. Pitoniak called that a good deal at a time when VICI might have expected to pay 6%. VICI is putting in more than a $1 billion in cash, and assuming more than $3 billion of Blackstone debt at a 3.56% rate through 2032. MGM Grand Las Vegas and Mandalay Bay, located on the south end of the Strip, include more than 11,000 hotel rooms, 321,000 square feet of gaming floor, and 3 million square feet of meeting facilities. Gambling companies, such as Caesars and MGM Resorts − both tenants of VICI − own the operations. Gaming REITS such as VICI own the buildings and the land of casinos and resorts. 'We like the deal as it simplifies VICI's structure and highlights VICI's multiple paths for growth despite the company's larger base and a rising interest rate environment,' Truist analyst Barry Jonas wrote in a client note. Personal Loans for 670 Credit Score or Lower
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