VICI Properties announced on Wednesday that it would provide a huge sum of financial support to the Venetian resort in Las Vegas, which will receive extensive upgrades later this year.
VICI properties will fund a new development project at the iconic Venetian Resort in Las Vegas, with multiple upgrades coming to the casino location this year.
The Venetian Capital Investment will be funding hotel room renovations as well as gaming floor optimization and other upgrades throughout the property.
According to a statement on the funding from VICI, they have “agreed to provide up to $700Million of financing through the Venetian Capital Investment, comprised of $400m to be drawn in 2024 and an incremental $300m that The Venetian Resort will have the option, but not the obligation, to draw in whole or in part until November 1, 2026.
“The initial $400m investment will be funded in three quarterly draws based on a fixed funding schedule: $100m in Q2 2024, $150m in Q3 2024 and $150m in Q4 2024.”
What VICI Had To Say
President and COO of VICI Properties, John Payne stated: “We are thrilled to continue to grow our partnership with The Venetian Resort by funding impactful expansion projects through our Partner Property Growth Fund.
“Since we acquired this marquee Las Vegas asset alongside funds managed by Apollo Global Management, Inc. in 2022, The Venetian Resort operating team has driven impressive performance at the property, and we are excited to be a partner in their innovative efforts to maximize the economic productivity of this iconic asset.”
Chief Financial Officer of VICI, David Kieske, added: “We continue to believe that our Partner Property Growth Fund strategy can provide us with attractive capital deployment opportunities given the scale and quality of our real estate assets, and the operating dynamism that exists within each of our properties.
“Our capital is well-suited to serve our operating partners who are energetically and creatively looking for ways to continuously enhance the profitability and operations of our assets.”
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