While initially seeking to sell 50 million shares, VICI eventually sold 60.5 million shares, with those being priced at US$20 per share. The company also announced an overallotment option for 9.075 million shares. It thus expects to raise overall gross proceeds of US$1.4 billion.
VICI was spun off last October when Caesars’ main operating unit emerged from bankruptcy after more than two and a half years. The REIT assumed control over the Las Vegas hotel and casino operator’s properties and leased them back to it.
Commenting on the successful IPO, VICI CEO Ed Pitoniak told media that they were gratified by the level of investor support and by the value placed at the company and its real estate portfolio. Here it is important to note that among other properties, VICI is also the owner of Caesars Palace, one of the most popular casino resorts on the Las Vegas Strip.
VICI became the third public REIT to be focused on the casino industry, with Gaming and Leisure Properties and MGM Growth Properties being the other two.
Source: GMB / Casino News Daily