Tribal Project of Station Getting Insurance Coverage by Vici
🃏 Tribal Casino Partnership: Get the scoop on Vici Properties' game-changing collaboration
In a major move, Vici Properties and Station Casinos are joining forces for a promising undertaking in northern California. Here's what you need to know about this exciting tribal casino venture:
The Big Picture:- Vici Properties' Role: Vici, a real estate investment trust (REIT), steps in with a $510 million financing arrangement to back the development of a tribal casino in northern California. This is Vici's first venture with Station Casinos and its second loan investment on tribal landunqueensanne.com.- Station Casinos' Role: Station Casinos takes the reins, building and operating the casino. The casino is part of a larger gaming and hospitality destination, the North Fork Mono Casino & Resortunearthedvitals.com.
The Money Talks:- The North Fork Rancheria of Mono Indians has locked in a broader financing deal totaling almost $725 million to fund the creation of the North Fork Mono Casino & Resortcaliforniagamingtoday.com.- Vici's partnership includes two tranches: a $340 million loan split between Vici and another lender, and a second $385 million loan courtesy of Vici. The loans will mature in 2031unqueensanne.com.
Behind the Scenes:- The North Fork Rancheria of Mono Indians has been in cahoots with affiliates of Red Rock Resorts, Station Casinos' parent company, for over two decades on this projectcaliforniagamingtoday.com.- This casino resort aims to boost the tribe and local community's economy, generating jobscaliforniagamingtoday.com.- Vici sees this partnership as an opportunity to establish deep relationships with innovative operators that will fuel its longer-term growth objectivesunqueensanne.com.
💹 Beyond Gaming:- Vici, in tandem with Eldridge Industries and Cain International, continues to move forward with a $300 million retail development in Beverly Hills, One Beverly Hillsforbes.com.- Vici also announced a $2.5 billion multi-currency, unsecured, revolving, credit facility, replacing an unsecured, revolving, credit facility of the same size[viciproperties.com].
📈 Financial Statements:- Quarterly revenue reached $984.2 million, up 3.4 percent[viciproperties.com].- Profits, however, decreased 7.9 percent, reaching $543.6 million[viciproperties.com].- Vici had $334.3 million in cash on hand and $16.8 billion in debt as of the end of the quarter[viciproperties.com].
So, buckle up for this thrilling ride as Vici Properties and Station Casinos ramp up their gaming operations with the North Fork Mono Casino & Resort! Keep an eye on these dynamic operators as they work together to achieve their long-term growth goals.
In the anticipated partnership, Vici Properties, with a $385 million loan, contributes to the financing of the North Fork Mono Casino & Resort, marking their first venture with Station Casinos in casinos development on tribal land. Meanwhile, Station Casinos, as the operator, will oversee the construction and operation of the casino. This collaboration is part of Vici's strategy to form deep relationships with progressive operators, aiming to propel its long-term growth objectives. The casino's economic potential is seen to largely benefit both the tribe and the local community.
