The company states: "VICI Properties announced that, in connection with the acquisition of the operations of Gold Strike Casino Resort by CNE Gaming Holdings, L.L.C., an indirect subsidiary of Cherokee Nation Businesses, L.L.C., VICI has entered into a triple-net lease agreement with CNB with respect to the real property associated with Gold Strike. Initial total annual rent under the lease is $40.0 million and the lease has an initial term of 25-years with three 10-year tenant renewal options. Rent under the lease will escalate annually by 2.0%, and the tenant’s obligations under the lease are guaranteed by CNB, the business holding company owned by Cherokee Nation, based in Oklahoma, the largest Native American tribe in the United States. "
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on VICI:
- Cherokee Nation Businesses Completes Acquisition of Gold Strike Casino Resort
- VICI Properties provides construction loan of up $287.9M to Great Wolf Resorts
- VICI Properties 26.35M share Spot Secondary priced at $33.00
- VICI Properties 24M share Spot Secondary; price range $32.60-$33.60
- VICI Properties announces offering of 24M shares of common stock