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VICI Launches IPO of Up to $1B

The gaming resort company, whose portfolio is net leased to Caesars Entertainment, last week rejected a merger bid from MGM Growth Properties in favor of moving forward as a standalone company.

Exterior of Harrah's Las Vegas VICI acquired Harrah’s Las Vegas from Caesars under a sale-leaseback arrangement late last year.

LAS VEGAS—VICI Properties said Monday it had launched an initial public offering of up to 50 million shares priced between $19 and $21 apiece for an IPO of more than $1 billion at the upper end of pricing on shares. The gaming resort company, which was spun off from Caesars Entertainment Operating Co. this past October, last week rejected an unsolicited merger bid from MGM Growth Properties (MGP) that would have created the nation’s largest net lease REIT by enterprise value.

Gross proceeds from the IPO could be even higher if the offering’s underwriters exercise their option to buy up to 7.5 million additional shares. VICI plans to use proceeds to pay down debt and for general corporate purposes.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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