Mississippi: VICI and Foundation Gaming Ink Sales-Leaseback Partnership

Mississippi: VICI and Foundation Gaming Ink Sales-Leaseback Partnership

VICI Properties

VICI and Foundation Gaming sign sale-leaseback agreements for two casinos in Mississippi.

Foundation Gaming & Entertainment has sold its Fitz Casino & Hotel and WaterView Casino & Hotel sites to VICI Properties, an owner and purchaser of experiential real estate assets across prominent gaming, hospitality, entertainment, and leisure locations.

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VICI Acquires Two Casinos Through Sale-Leaseback Transaction

The real estate expert paid $293,4 million in cash for the acquisition in the sale-leaseback transaction. As agreed, following the sale, Foundation Gaming will lease back the two locations.

According to the terms of the transaction, VICI engaged into a triple-net master lease with Foundation Gaming, who will lease back the premises. In accordance with the Foundation Master Lease, the casino holding will pay $24,250,000 annually to continue operating the two casinos. 

With an initial period of 15 years, this represents an expected acquisition capitalization rate of 8.3%. The agreement may be extended for four additional 5-year periods.

Featuring Variety of Table Games, Betting Markets and Dining Options

The Fitz Casino & Hotel and the WaterView Casino & Hotel are two gaming and lodging establishments located in Tunica and Vicksburg, Mississippi, respectively. 

Both are operated by Foundation Gaming & Entertainment and have dedicated teams of industry experts with extensive experience. In 2015, Foundation Gaming acquired WaterView Casino, which was established in 1993. Three years later, the company also acquired Fitz Casino, which had been established in 1994.

WaterView’s 37,000-square-foot casino has ten gaming tables and 650 slot machines. Customers who wish to stay in one of the casino’s hotel rooms have access to three food and beverage options. In contrast, Fitz Casino provides a sportsbook, nine gaming tables, and 864 slot machines. It also features six restaurants, giving guests a variety of dining options.

The Two Foundation Gaming Casinos Will Increase VICI’s Portfolio Size

As a result of the arrangement with Foundation Gaming & Entertainment, VICI Properties now has another significant ally and tenant, thereby bolstering its portfolio. 

As a point of reference, the real estate corporation has similar agreements with industry heavyweights like Caesars, MGM Resorts, Century Casinos, and others.

Looking Forward to Expand More Establishments in Mississippi 

The largest owner of properties on the Las Vegas Strip is VICI Properties. It controls many of the region’s largest casinos, including the vast majority of MGM Resorts’ properties. 

Additionally, the business owns the renowned Caesars Palace and The Venetian. Now that VICI has established its supremacy in Las Vegas, it is also looking to expand in Mississippi, where it has already signed large contracts.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.