Underwriting Agreement Signed for Station Tribe's Project by Vici
Casinos are everywhere, but the latest buzz is about one in northern California - the North Fork Mono Casino & Resort. Here's the scoop!
Vici Properties and Station Casinos Collaborate on this ambitious tribal casino project owned by the North Fork Mono Rancheria. The investment here is no joke, amounting to a whopping $510 million! But, there's a little confusion about the exact amount Vici Properties is investing. According to some reports, it's $510 million, whereas others claim it's a part of a larger $725 million syndicated loan[1].
The loan is divided into two tranches. Vici Properties took on the second one, which amounts to $385 million, while the first loan of $340 million is shared between Vici Properties (a cool $125 million) and another lender. Both loans will need to be repaid by 2031[1].
Station Casinos, an affiliate of Red Rock Resorts, has been a long-time partner of the North Fork Rancheria. They'll be overseeing the development and operation of the North Fork Mono Casino & Resort[2][3].
The resort will be a high-end gaming and hospitality destination, situated near Madera, California[2][3]. It's expected to create a significant economic boost for the tribe and the local community[2].
Vici Properties' Q1 Earnings showed a slight increase in revenue, up by 3.4 percent, to $984.2 million. However, profits dipped by 7.9 percent to $543.6 million[1]. By the end of the quarter, Vici Properties had $334.3 million cash on hand and an impressive $16.8 billion in debt[1].
Apart from the casino development, Vici Properties has also partnered with Eldridge Industries and Cain International on a $300 million Beverly Hills retail development project, One Beverly Hills[1]. They also introduced a new $2.5 billion, multi-currency, unsecured, revolving, credit facility that replaced an older one of the same size[1].
The new partnership with Station Casinos and the ongoing projects mark Vici Properties' continued presence in tribal casino developments. Despite some discrepancies about their financial role in specific projects, they seem committed to securing strategic partnerships that contribute to long-term growth goals[1].
- The investment in the North Fork Mono Casino & Resort, a collaborative project between Vici Properties and Station Casinos, is significant, with Vici Properties taking on a portion of a $725 million syndicated loan, amounting to $385 million.
- Vici Properties' financial commitment to the Casinos industry extends beyond the North Fork Mono Casino & Resort, as they have also partnered with Eldridge Industries and Cain International on a $300 million retail development project, One Beverly Hills.
- Despite some discrepancies about their financial role in specific projects, Vici Properties' new partnership with Station Casinos and ongoing projects signify their continued focus on tribal casino developments and strategic partnerships that support long-term growth goals.
