VICI Properties Inc. announces its first transaction with Cabot and its entry into the “Destination Golf Experience” sector
NEW YORK, June 06, 2022–(BUSINESS WIRE)–VICI Properties Inc. (NYSE: VICI) (“VICI”, “VICI Properties” or the “Company”), an experiential real estate investment trust, today announced that it has entered into a loan facility to deferred draw term for up to $120 million (the “Loan Facility”) and a purchase and sale agreement with Cabot, a developer, owner and operator of world-class golf resorts and communities world. Proceeds from the loan facility will be used to finance the property-wide transformation of Cabot Citrus Farms in Brooksville, Florida, with the addition of a new clubhouse, luxury accommodations, health and wellness facilities and a vibrant village centre. Cabot Citrus Farms will be the first U.S. property in Cabot’s diverse collection of luxury golf and planned communities and is expected to open in 2023. Pursuant to the purchase and sale agreement, VICI will convert a portion of the facility from loan into ownership of certain Cabot Citrus Farms real estate assets and concurrently enter into a triple net lease with Cabot for an initial term of 25 years, with five 5-year tenant renewal options. This Cabot Citrus Farms transaction marks the first transaction in the broader Cabot-VICI investment partnership.
Entry into the “Pilgrimage Experience Sector”—Edward Pitoniak, CEO of VICI: “Over the past couple of years, as we’ve studied the global experiential landscape, we’ve taken a lot of interest in what we at VICI call ‘pilgrimage experiences’. These are recreational experiences, leisure , cultural and life-enhancing experiences that constitute the flagship experiences in their categories. At VICI, we are determined to become a preferred partner of these creators of places and experiences. As a result, we are very proud and delighted to announce our new partnership with Cabot, one of the world’s leading developers and operators of pilgrimage golf experiences.”
Future of Cabot Citrus Farms—Ben Cowan-Dewar, Cabot Co-Founder and CEO: “Cabot’s mission is to set the stage for unforgettable experiences in extraordinary places. We are excited about our growing partnership with VICI, which shares the same vision and values, centered on great people creating great places. that endure for generations. Cabot Citrus Farms is an unparalleled opportunity to bring our approach to creating golf venues and experiences to Florida. Our golf course and resort village design teams draw on everything we’ve learned in Cabot Cape Breton, Cabot St. Lucia and Cabot Revelstoke. We’re excited to partner with VICI at Cabot Citrus Farms and, over time, other great destinations around the world.”
The Cabot-VICI Investment Partnership—Samantha Sacks Gallagher, Executive Vice President and General Counsel of VICI: “Our business model at VICI is centered around partnering with the world’s best experience creators to own the world’s best experiential assets. By partnering with Cabot on Cabot Citrus Farms, we are entering the golf space of pilgrimage with the best possible partner and in a strong market We want Cabot Citrus Farms to be the first of many real estate investment opportunities we will undertake with Cabot in the years to come, domestically and internationally, through the partnership privileged Cabot-VICI, as Cabot creates what we believe to be the world’s premier network of pilgrimage golf destinations.”
About VICI properties
VICI Properties Inc. is an experiential real estate investment trust with one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and The Venetian Resort Las Vegas, three of the most iconic entertainment venues. facilities on the Las Vegas Strip. VICI Properties’ national and geographically diverse portfolio consists of 43 gaming facilities covering over 122 million square feet and includes approximately 58,700 hotel rooms and over 450 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to leading gaming and hospitality operators including Caesars Entertainment, Inc., Century Casinos, Inc., Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International , Penn National Gaming, Inc., and The Venetian Las Vegas. VICI Properties has also invested in facilities at Chelsea Piers, New York, and owns four championship golf courses and 34 acres of undeveloped and undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the highest quality and most productive experiential real estate portfolio in the country. For more information, please visit www.viciproperties.com.
About Cabot and Cabot Citrus Farms
Cabot is the developer and operator of luxury residential, resort and golf destinations. Its portfolio includes Cabot Cape Breton in Nova Scotia, Canada, Cabot Saint Lucia in the Caribbean, Cabot Revelstoke in British Columbia, Canada, and Cabot Citrus Farms in Florida, USA. Cabot continues to build on a heritage of excellence in golf, luxury residential offerings and boutique resort lifestyle in every unique property, where owners and guests have exclusive access to specific experiences at the destination and an unequaled quality of service.
Located in the west-central Florida region known as the Nature Coast, Cabot Citrus Farms spans 1,200 acres of pristine natural beauty. Boasting dramatic elevation changes, sandy soil and hills covered in towering sand pines, palms and moss-covered century-old oaks, the unique landscape is truly enchanting. The newly acquired Cabot property will once again become a vibrant destination known for its incredible golf and world-class real estate, surrounded by a serene natural landscape.
Cabot Citrus Farms is set to open in 2023 with two 18-hole golf courses, a par-3 course, a new 9-hole course, a new clubhouse and an unparalleled practice facility. In addition to golf, the property will offer luxury accommodation, real estate, food and beverage offerings and amenities.
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes”, “believes”, “estimates”, “expects”, “guidance”, “intends”, “plans”, “projects” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements, as they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the control of the Company and could materially affect actual results, performance or achievements. Significant risk factors that could affect the Company’s business, results of operations and financial condition (including those arising from the COVID-19 pandemic and resulting changes in economic conditions and risks relating to ongoing transactions of the Company) are detailed from time to time. times in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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