VICI Properties Inc. Completes Acquisition of Three Regional Gaming Properties and Enters Into Master Lease Agreement With Century Casinos, Inc.

VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) an experiential real estate investment trust, today announced it has completed the previously announced transaction to acquire the land and real estate assets of Isle Casino Cape Girardeau in Cape Girardeau, Missouri, Lady Luck Casino Caruthersville in Caruthersville, Missouri, and Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia, from Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado”) for an aggregate purchase price of approximately $278.0 million in cash. The Company funded the transaction with cash on hand.

Simultaneous with the closing of the transaction, the Company entered into a triple-net master lease agreement with Century Casinos, Inc. (NASDAQ: CNTY) (“Century”). The master lease, which commences as of today, has an initial total annual rent of $25.0 million and an initial term of 15 years, with four 5-year tenant renewal options. The tenant’s obligations under the lease are guaranteed by Century.

John Payne, President and Chief Operating Officer of VICI Properties said, “This transaction further diversifies our tenant roster, adds three competitive regional assets to our portfolio and expands our geographic footprint into a new market, West Virginia. We are excited to partner with Century, as they are expert operators of small to mid-sized regional assets and we look forward to supporting the Century team in further growing their U.S. regional gaming platform.”

David Kieske, EVP, Chief Financial Officer of VICI Properties, also commented, “We financed this acquisition by utilizing cash on our balance sheet, adding an incremental $25.0 million of rent directly to our bottom line. Our remaining pending transactions with JACK Entertainment LLC and Eldorado will collectively add an additional $318.4 million of rent upon closing and we remain on track to close each of the transactions on a leverage neutral basis in 2020.”

Isle Casino Cape Girardeau is located in Cape Girardeau, Missouri, approximately 120 miles south of St. Louis, Missouri, overlooking the Mississippi river. The property opened in 2012 and consists of a dockside casino featuring 41,500 square feet of casino space, 863 gaming machines, 20 table games, three dining venues, a pavilion and an entertainment center. The property also includes a wide variety of non-gaming amenities, including an events center.