VICI Properties Inc. expands partnership with Great Wolf Resorts by investing in resort in New Collier County, Florida
NEW YORK–(BUSINESS WIRE)–VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) today announced that the Company has agreed to provide a mezzanine loan of up to $59.0 million to Great Wolf Resorts , Inc. (“Great Wolf”) in connection with the development of Great Wolf Lodge South Florida, a $250 million+ family resort project in Collier County, Florida. The 500-room indoor water park was officially announced today at a groundbreaking event and is expected to begin welcoming guests in the summer of 2024. The mezzanine loan has an initial term of 4 years with an option to extend 12 months subject to certain conditions. The investment is expected to be cash financed in accordance with a construction draw down schedule.
This transaction represents VICI Properties’ second mezzanine loan investment with Great Wolf as part of the company’s strategic arrangement to provide up to $300 million in mezzanine financing to support the financing of the water parks pipeline development national and international interiors of Great Wolf.
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 Great Wolf Resorts, Inc.
Great Wolf Resorts, Inc. is the largest family of indoor water resorts in North America and, through its subsidiaries and affiliates, owns, operates and develops family resorts under the Great Wolf Lodge brand. Great Wolf lodges provide an immersive entertainment experience suitable for the whole family in all seasons and all weathers with interactive water experiences and dynamic family entertainment. All lodges are strategically located within four hours drive of major metropolitan markets with attractive demographic profiles.
Great Wolf Resorts opened its first location in 1997 in Wisconsin Dells, Wisconsin and is a fully integrated resort company with locations in: Wisconsin Dells, Wisconsin; Sandusky, Ohio; Traverse City, Michigan; Kansas City, Kansas; Williamsburg, Virginia; Pocono Mountains, Pennsylvania; Niagara Falls, Ontario, Canada; Mason, Ohio; Vine, Texas; Grand Mound, Washington, Fitchburg, Mass., Charlotte, North Carolina; Garden Grove, California, Colorado Springs, Colorado, Bloomington, Minnesota, LaGrange, Georgia, Gurnee, Illinois; Scottsdale, Ariz.; and Manteca, California. Sound 20e The complex is currently under construction in Perryville, Maryland and is expected to open in the summer of 2023.
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 because they involve known and unknown risks, uncertainties and other factors, including the risk that the current transaction will not be completed according to conditions described in this press release or not at all, which are, in some cases, beyond the control of the Company and could materially affect actual results, performance or achievements. Other 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 the risks related to the Company’s pending transactions) are detailed from time to time 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.