By Daniel Webster, dWeb.News Publisher
NEW YORK & DALLAS–(BUSINESS WIRE)–VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) and ClubCorp Holdings, Inc. (“ClubCorp”) (an Apollo Global Management fund portfolio company) announced today that they have entered into a strategic arrangement to grow BigShots Orion, LLC (“BigShots Golf”), whereby VICI Properties may provide up to $80.0 million of mortgage financing for the construction of up to five new BigShots Golf(tm) facilities throughout the United States, subject to definitive documentation.
John Payne is the President and Chief Operating Officer at VICI Properties. He stated, “We are thrilled to partner with ClubCorp. ClubCorp is the largest operator of country clubs and private golf in the United States. This will help us grow our BigShots Golf business.” ClubCorp’s experience in creating dynamic guest experiences at their country clubs, cities and stadium clubs is a great complement to the BigShots Golf platform. We are delighted to be able to serve as a financial partner. “This arrangement allows VICI to continue expansion into attractive experiential sectors as well as new geographic markets in an prudent manner. It also secures additional long-term growth opportunities. David Pillsbury, ClubCorp CEO, said that the partnership will allow VICI to expand its BigShots Golf brand into new markets. The popularity of golf entertainment continues to grow as more people discover the joys of playing in a relaxed and non-threatening environment. BigShots is a leader in the field with its innovative technology, high-quality dining and family fun. VICI Properties and our partnership will enable us to pursue new markets and bring BigShots Golf to more communities.”
VICI Properties will have the right to call the rights to acquire real estate assets that are associated with any BigShots Golf facility. VICI Properties will also have the right to make a first offer on any additional mezzanine, mortgage, preferred equity or similar financing that is considered debt and can be obtained by BigShots Golf or any of its affiliates for multisite financing. This includes financing related to BigShots Golf’s growing, existing, and expanding pipeline of facilities. The terms and conditions of any transaction between parties will be set out in definitive documentation.
VICI Properties, Inc., is an experiential real-estate investment trust that has one of the most extensive portfolios of leading gaming, entertainment, and hospitality destinations in the country, including Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 28 gaming facilities comprising over 47 million square feet and features approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC and Penn National Gaming, Inc. VICI Properties also has an investment in the Chelsea Piers, New York facility and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to build the nation’s most productive and high-quality experiential real estate portfolio. For additional information, please visit http://www.viciproperties.com.
About BigShots golf
Majority owned by ClubCorp. BigShots golf(tm), a tech-driven entertainment experience and culinary experience, offers fun for all skill levels. The venues offer a variety of entertainment activities and virtual golf games, as well as high-quality food including shareable bites and family-style options. They also have signature cocktails, craft beer, and wine. Indoor and outdoor lounge seating, sport bars, mini-golf, outdoor patios, and private event spaces offer the perfect atmosphere for families and friends to relax. You can play with your own players, or with others at the same location. Or you can play live with players at other BigShots Golf venues through Live Play(tm).
BigShots Golf can be found in Vero Beach (Florida), Fort Worth (Texas) and Springfield, Missouri. The current locations are being developed in Bryan, Texas. They will open early 2022; St. George (UT), opening early 2022;, and Naples (FL), opening Q3 2022..
ClubCorp ClubCorp was founded in 1957, Dallas with the primary purpose of Building Relationships & Enriching Lives(r). The leading owner-operator of private golf and country clubs, city and stadium clubs in North America, ClubCorp is relentless in its pursuit of providing extraordinary experiences, meaningful connections, shared passions and memorable moments for its more than 430,000 members. With approximately 20,000 peak-season employees and a portfolio of over 200 owned or operated golf and country clubs, city clubs, sports clubs, and stadium clubs in 27 states, the District of Columbia and two foreign countries, ClubCorp creates communities and a lifestyle through its championship golf courses, work spaces, handcrafted cuisine, resort-style pools, tennis facilities, golf lounges, fitness centers and robust programming.
ClubCorp properties are: Firestone Country Club, Akron, Ohio; Mission Hills Country Club, Rancho Mirage, California; The Woodlands Country Club, The Woodlands, Texas; and The Metropolitan, Chicago.
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements can be identified by the use of words such as “believes,” (“estimates”), “estimates,” , “expects,” guidance,” “intends,” plans,” projects,” and other similar expressions that don’t relate to historical issues. Forward-looking statements include all statements that are not statements of historical fact. Forward-looking statements are subject to known and unknown risks and uncertainties. They can have a material impact on actual results, performance, or achievements. Important risk factors that may affect VICI’s business, results of operations and financial position (including those stemming from the COVID-19 pandemic and changes in the economic conditions as a result thereof and the ability of the parties to negotiate and reach agreement upon definitive documentation with respect to any potential future transactions described herein) are detailed from time to time in the VICI’s filings with the Securities and Exchange Commission. VICI Properties is not obligated to revise or update any forward-looking statements, regardless of whether they are based on new information, future events or any other reason, except as required by law.
More dWeb.News Business News at https://dweb.news/news-sections/business-news/