{"id":326919,"date":"2024-08-02T15:38:00","date_gmt":"2024-08-02T20:38:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=326919"},"modified":"2024-08-02T15:38:00","modified_gmt":"2024-08-02T20:38:00","slug":"vici-declines-option-to-buy-caesars-indiana-casinos","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/","title":{"rendered":"VICI Declines Option to Buy Caesars Indiana Casinos"},"content":{"rendered":"

VICI Properties (NYSE: VICI) won\u2019t exercise its rights to acquire the property assets of two Indiana gaming venues currently owned and operated by Caesars Entertainment (NASDAQ: CZR).<\/p>\n

\"\"
Hoosier Park in Indiana. VICI Properties is declining rights to acquire that venue and Harrah’s Indianapolis. (Image: The Herald Bulletin<\/em>)<\/figcaption><\/figure>\n

On the company\u2019s second-quarter earnings<\/a> conference call late Wednesday, CEO Edward Pitoniak told analysts the real estate investment trust (REIT) won\u2019t be purchasing Harrah\u2019s Hoosier Park and Horseshoe Indianapolis, formerly known as Indiana Grand.<\/p>\n

Our conviction that we can continue to identify and invest in experiential properties that are accretive against multiple quality factors is a key reason that we have decided that we will not be exercising our call right to acquire Harrah\u2019s Hoosier Park and Horseshoe, Indianapolis,\u201d said Pitoniak on the call. \u201cWe can and are making this decision because of our confidence and conviction that we are actively identifying and pursuing investment opportunities that enable us to generate future AFFO growth and accretion.\u201d<\/p><\/blockquote>\n

VICI\u2019s call option on the pair of Indiana casinos stems from the 2020 merger that created \u201cnew Caesars.\u201d When Eldorado Resorts announced its $17.3 billion takeover offer for the \u201cold Caesars\u201d in June 2019, it struck an agreement with VICI<\/a> whereby the gaming company could sell or the REIT could acquire those assets between Jan. 1, 2022, and Dec. 31, 2024.<\/p>\n

VICI Looking to Diversify Its Tenant Base<\/h2>\n

Caesars and VICI have a long-standing as the latter was spun-off from the former in 2017. Today, the REIT counts the casino operator as among its largest clients.<\/p>\n

\n

However, tenant diversification<\/a> is pivotal in commercial real estate and Pitoniak indicated that\u2019s one reason why VICI passed on Harrah\u2019s Hoosier Park and Horseshoe Indianapolis. Including Caesars Palace on the Las Vegas Strip, VICI owns the property assets of 18 Caesars-operated venues. Add in the REIT\u2019s relationship with MGM Resorts International (NYSE: MGM) and its gaming tenant roster is largely dominated by those two operators.<\/p>\n<\/div>\n

Regional considerations may have played a part in VICI declining the rights to buy Harrah\u2019s Hoosier Park and Horseshoe Indianapolis. The landlord already owns the real estate of Caesars Southern Indiana and Horseshoe Hammond. The former is operated by the Eastern Band of Cherokee Indians.<\/p>\n

\u201cAt this time, we believe that we have the opportunity to create greater portfolio value by allocating VICI’s capital to other gaming and nongaming opportunities the team is actively pursuing,\u201d added Pitoniak.<\/strong><\/p>\n

Caesars Unlikely to Put Indiana Casinos to VICI<\/h2>\n

In the aforementioned 2019 agreement, Caesars gained the right to put the two Indiana gaming venues to the REIT, but as VICI President and COO John Payne noted on the conference call, Caesars CEO Tom Reeg has consistently said the gaming company is unlikely to exercise that option.<\/p>\n

Reeg has also expressed a willingness to sell casinos that Caesars considers \u201cnon-core\u201d, but the company hasn\u2019t said publicly if it believes Harrah\u2019s Hoosier Park and Horseshoe Indianapolis fit that bill.<\/strong><\/p>\n

On Thursday, Caesars announced the sale<\/a> of the World Series of Poker (WSOP) to investment firm NSUS Group Inc. for $500 million. Under the terms of that deal, the casino giant will retain rights to host WSOP tournaments at its land-based gaming venues.<\/p>\n","protected":false},"excerpt":{"rendered":"

VICI Properties (NYSE: VICI) won\u2019t exercise its rights to acquire the property assets of two Indiana gaming venues currently owned and operated by Caesars Entertainment (NASDAQ: CZR). On the company\u2019s second-quarter earnings conference call late Wednesday, CEO Edward Pitoniak told analysts the real estate investment trust (REIT) won\u2019t be purchasing Harrah\u2019s Hoosier Park and Horseshoe […]<\/p>\n","protected":false},"author":46,"featured_media":141089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,86430,86438],"tags":[81897,81903,86455,86457],"acf":[],"yoast_head":"\nVICI Declines Option to Buy Caesars Indiana Casinos<\/title>\n<meta name=\"description\" content=\"VICI Declines Option to Buy Caesars Indiana Casinos.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VICI Declines Option to Buy Caesars Indiana Casinos\" \/>\n<meta property=\"og:description\" content=\"VICI Declines Option to Buy Caesars Indiana Casinos.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-02T20:38:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/HP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"834\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/\",\"url\":\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/\",\"name\":\"VICI Declines Option to Buy Caesars Indiana Casinos\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/HP.jpg\",\"datePublished\":\"2024-08-02T20:38:00+00:00\",\"dateModified\":\"2024-08-02T20:38:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"VICI Declines Option to Buy Caesars Indiana Casinos.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/vici-declines-option-to-buy-caesars-indiana-casinos\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/HP.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/07\/HP.jpg\",\"width\":1200,\"height\":834,\"caption\":\"Hoosier Park in Indiana. 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