Platinum Reels casino is offering a $3000 welcome bonus PLUS 30 free spins for Plentiful Treasure. These have spinning reels which the user stops, rather than waiting on the luck of the draw and there is a set time by which the reels must stop. Each one of these items will dissipate over time as VICI lists on an exchange (no timetable set as of yet), declares a dividend (again, no timetable), and diversifies its tenant roster with M&A. VICI's only has one tenant in Caesars Entertainment, which just emerged from bankruptcy, one tenant REITs tend to initially trade at a discount until management has an opportunity to add to the tenant roster over time, although MGP trades at a premium, but its arguably a much better credit. We always fight the last recession, but timeshares have remodeled their business to where they look less like a real estate developer and more like a hotel management company. Casinos aren't easily repurposed like other types of real estate, a distribution center or fast food outlet can be moved to another tenant fairly easily.
You can visit these clubhouse sites all the time and play online space machines with no bothers. For large groups of up to 20 passengers they have limo buses and a latest Mercedes Sprinter Van which have a large space for luggage. A better way to own similar cheap exposure to the net lease and land development without the CRE loan book might be to barbell something like SRC and HHC together, both have managements I trust a lot more than iStar. As part of the lease agreement, Caesars must dedicate a percentage of revenues towards capital expenditures to maintain and keep the properties competitive in their markets. The parent and external manager of SMTA, Spirit Realty Capital (SRC), is now a vanilla triple net lease REIT primarily focused on single tenant retail properties. Rising interest rates will hurt all REITs, especially ones that are essentially long term bonds like a triple net lease. VICI does have CPI linked escalators in their lease agreement with Caesars to help stem some of the blow, but quickly rising rates would hurt cap rates across the industry. This is standard for most triple net lease agreements, but still a nice protection against normal wear and tear depreciation.
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Gaming & Leisure Properties Inc (GLPI) is about the same size as MGP, but is entirely regional casinos, and is two major tenants are primarily regional operators in Pinnacle Entertainment (PNK, still own this one) and Penn National Gaming. Park Place later purchased Caesars from Starwood in 2000, eventually changing its name to Caesars Entertainment before being bought by Harrah's Entertainment in 2005. A few years later in 2008, Harrah's was taken private in one of the largest private equity deals at the time for $30B by Apollo, TPG, and Blackstone. DELL shares might be cheap, but I have enough exposure to overly leveraged companies elsewhere in my portfolio, I closed out a few weeks prior to the deal closing. In any case, very few people would balk from having money presented to them, so that is why you shouldn't blink when you start taking a look at the How to Make Money With Roulette Online program! VICI is essentially a bankruptcy reorg; its in the hands of former creditors (although highly sophisticated ones which explains why it's only marginally cheap) that are not natural long term holders of a REIT. You will watch tensely, wondering where it is going to go, and if you know the thrill of it landing exactly where you want it, you already know why people love the game and why they love everything about roulette!
Another way to think of it, annual interest costs are $247.5MM, removing that from NOI leaves $392.5MM for common shareholders or a 8.6% cash yield that should grow (slowly) over time. Not an incredible deal, but I think investors will find it attractive in today's market? The company will also make staff cuts at its corporate office and make reductions at the resort casinos as well, which will open at a later date. It has yet to declare a dividend, there's no company website or investor presentation, nothing that would cater to the eventual retail REIT holder. Most major casinos now have their own website. I have shared your comments with the managers of each of the departments you've mentioned. So here you have a controlled company, with an illiquid stock, entering into a complicated deal with two parties and an uncertain final cash amount all leading to a potentially attractive merger arbitrage spread. About two hours drive north of Sydney lies the beauty and lush countryside of the world famous Hunter Valley wine region. Wyndham Hotels is the steadier business of the two Wyndhams, it features more of a franchise model compared to a franchise and management model of their larger peers like Marriott (MAR) and Hilton (HLT).
In the franchise model they take a percentage of revenue, in the management model it's a combination of revenue and operating profit, thus the franchise model should be more resilient to changes in economic conditions. Joliet Lease Agreement: The Harrah's Joliet property (permanently docked riverboat casino) is 80% owned by VICI via a joint venture (other 20% is owned by John Hammons), thus it has a separately lease agreement with Caesars that functions similarly, just without the same master lease protections. All of the properties are triple net leases (they get reimbursed for property taxes and insurance) with Caesars Entertainment Operating Company (CEOC) as the tenant and the parent company fully guaranteeing the lease. Most of these casinos are mature stabilized casinos, some in good markets, others not, but the master lease agreement helps insulate VICI from regional downturns or other individual location risks. I sold to free up some capital for other ideas, good timing, as the stock went a lot lower, but so did the rest of my portfolio. Caesars is itching to grow post emergence and has made it clear they intend to pursue M&A and other greenfield opportunities; partnering with VICI and its lower cost of capital on these efforts makes complete sense going forward.