While the IPO was oversubscribed multiple times, it closed at the IPO price of €15 on its first trading day and has remained flat since then. 

Here’s everything we know about the IPO and Cirsa, which is the second-largest listing in Spain this year, in a market that has been lackluster for new listings in Europe.

Cirsa Stock Falls Below IPO Price

Cirsa shares briefly rose to €16 on their debut day, or 6.7% higher than their issue price, but quickly lost momentum. The stock also briefly fell below its IPO price today.  

Typically, massively oversubscribed IPOs, such as Cirsa, deliver substantial listing gains. 

However, companies often tend to price the IPO at higher prices as the demand for shares outweighs the supply. That leaves less room for post-listing upsides.

While investors haven’t seen immediate gains in the Cirsa IPO, Blackstone, which acquired the company for an enterprise value of around €2 billion in 2018, has made decent returns.

According to reports, at the IPO price, the equity value in Cirsa IPO was 2.5 times Blackstone’s original investment.

Nonetheless, Cirsa’s listing is a boost not only to the gaming sector but also to European stock markets, where IPOs have plummeted to 46 in the first half of the year, compared to 61 in the same period last year, according to Dealogic.

What Cirsa Plans to Do with the Funds

Cirsa raised €400 million in capital through the IPO, which could increase to €521 million if the overallotment option is fully exercised. At a minimum, 18% of Cirsa’s shares will be freely tradable on the market. 

The company plans to use the proceeds to reduce its debt, which currently stands at €2.37 billion, and aims to achieve a net leverage ratio of between 2.0x and 2.5x.

Additionally, Cirsa plans to consider acquisitions worth between €400 million and € 500 million between 2025 and 2027. 

The company has identified 100 potential targets, primarily in Latin America and Spain.

Acquisitions have been a key growth pillar for Cirsa, and the company has acquired 130 companies since 2015, spending a cumulative €1.2 billion. 

Notable recent deals include sports betting operator Apuesta Total in Peru, as well as Casino Portugal.

A Diversified and Growing Business

Cirsa has globally diversified operations. Spain is the company’s biggest market, where it’s a casino market leader. 

The company also operates in Italy, Morocco, Latin America, Portugal, and Puerto Rico. 

The company’s online segment is its fastest-growing business segment, accounting for 22.5% of its total operating net revenues in the first quarter of this year.

Looking at EBITDA contributions: 

• Casino business: 58% of EBITDA with a 42% margin.
• Slots Spain (slot machines): 27% of EBITDA, 46% margin.
• Online gaming: 12% of EBITDA, 20% margin.

The online gaming business is still evolving and navigating regulatory uncertainty; while its margins are arguably lower, it is also the fastest-growing segment for Cirsa. 

First-quarter revenues rose by 54.8% year-over-year, supported by expansions into new markets, including Peru and Portugal.

Cirsa has a strong track record of growing its EBITDA, with the metric increasing for 67 consecutive quarters (excluding quarters affected by the COVID-19 lockdown).

Last year, the company posted €2,150 million in operating revenue (8% year-over-year increase) with an operating profit of €699 million(up 11% year-over-year). 

Cautious Investor Reaction Despite Strong Fundamentals

While Cirsa’s IPO was heavily oversubscribed, investors remained cautious after the debut. The stock reached €16 but closed unchanged, reflecting hesitation. 

Some investors raised concerns over Cirsa’s relatively high debt and heavy reliance on Latin American markets and online gaming. 

Others noted that Cirsa’s estimated post-IPO value of roughly €2.5 billion places the enterprise value-to-EBITDA in the approximately 7.5x range, providing limited room for short-term upside. 

Notably, several prominent Spanish fund managers opted out of the IPO. They cited ethical or regulatory discomfort. 

Dividend Plans in 2026

Cirsa does not currently pay dividends, but the company intends to do so in 2026, targeting a dividend payout of 35% of its adjusted net profits. 

The company has a cash conversion of 74% which is quite robust. In its IPO prospectus, the company said: 

“This strong cash generation provides a platform for a ‘virtuous circle’ of profitable growth, while enabling CIRSA to deleverage and still maintain a disciplined and attractive dividend policy.” 

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Matt Bastock

Superbet has reached a €1.3 billion refinancing agreement with Blackstone and HPS Investment Partners.

The new arrangement will support the company’s ongoing expansion. Superbet has announced that the raise will help support its ongoing expansion and provide a strong platform for the coming years as Ii looks to execute its growth strategy.

Superbet’s Growth Strategy: Expansion, Innovation, and Market Leadership

The company’s strategy includes expansion in the newly regulated Brazilian market, potential mergers and acquisitions, continued investment in its proprietary technology platform, and new ‘innovative technologies.’ 

The Superbet Group’s Chairman, Hans-Holger Albrecht, commented: “We are delighted to announce the successful signing as we continue our growth trajectory. The fact that we have two blue-chip investors, Blackstone and HPS, is not only a milestone for the company, but also, given our strong balance sheet, is something that enables us to continue our expansion story, driven by our unique tech and product position.” 

He continued: “Together with Blackstone and HPS, we will drive sustainable growth through investments in innovative technology, the enhancement of our entertainment ecosystem, and strengthen our strong culture of responsible entertainment.” 

Albrecht emphasized the importance of being a technology-driven company that aims to deliver a unique offering to its customers. Superbet strives to create an ‘entertainment ecosystem’ that includes sports betting, curated content, and pertinent social media. 

Jimmy Maymann, co-CEO of Superbet Group, echoed this sentiment: “The core vision of Superbet is to scale at pace and become a global leader in the tech and entertainment industry through product innovation and a customer-centric approach.” 

Sacha Dragic, Founder and co-CEO, remarked, “Our strong financial fundamentals and operational excellence provide a solid platform to accelerate growth in our existing markets while also targeting expansion into high-potential markets.” 

Raphael de Botton, Senior Managing Director at Blackstone Tactical Opportunities, concluded, “Sacha is a visionary founder and entrepreneur, backed by an exceptional management team. We are proud to continue to support this company on its remarkable journey of growth and innovation. With exciting expansion plans on the horizon, we look forward to our ongoing partnership and the opportunities that lie ahead.”

Blackstone’s Betting Big: CIRSA, Superbet, and the European Gambling Market

Late last year, it was reported that Blackstone was to list CIRSA SA on the Bolsa Madrid exchange. The private equity giant acquired the Spanish operator from Manuel Lao Hernandez in 2018 for €2 billion.

CIRSA’s acquisition was part of Blackstone’s strategy to expand its European gambling portfolio. The operator was on track to achieve net revenues exceeding €2 billion in 2024. The reports suggest Blackstone plans to list 20-25% of CIRSA’s shares on the exchange, aiming to raise between €700 million and €1 billion. 

The company operates 30,000 gaming machines across Spain, 40 bingo halls, six casinos, and 237 arcades. CIRSA is now the largest operator in Peru after acquiring Apuesta Total in early 2024. It added 500 betting kiosks and an online sportsbook to a portfolio already boasting 3,200 slots and 19 brick-and-mortar casinos.

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Matt Bastock

Matt is a casino and sports betting expert with over two decades’ writing and editing experience. He loves getting into the nitty gritty of how casinos and sportsbooks really operate in order to make solid recommendations based on real experiences. His favourite games are blackjack and poker, and he loves watching NFL and soccer in his spare time.

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According to the Spanish business outlet Expansión, Blackstone has mobilised several banks to support CIRSA’s IPO in Madrid.

Speculation about Blackstone’s plans for CIRSA has been ongoing since 2022, when the Spanish gambling company rebounded to profitability after the COVID-19 pandemic.

Blackstone has owned CIRSA since 2018, having acquired the business from its founder, Manuel Lao Hernandez, for €2 billion. The acquisition was part of Blackstone’s strategy to expand its European gambling portfolio.

Since a corporate reorganization in 2022, CIRSA has exceeded market expectations. For 2024, it is on track to achieve net revenues exceeding €2 billion, an EBITDA of €680–710 million, and a leverage ratio of 3.7x–3.9x.

Reports indicate Blackstone plans to list 20–25% of CIRSA’s shares on the Bolsa Madrid, aiming to raise €700 million to €1 billion. This approach marks a shift from the earlier idea of a full IPO.

Lazard has been named financial advisor for the IPO, while Barclays, Deutsche Bank, and Morgan Stanley will handle global capital markets.

CIRSA operates over 30,000 gambling machines across recreational and hospitality venues in Spain, along with 40 bingo halls, six casinos, and 237 arcades.

Internationally, CIRSA expanded into Peru this year by acquiring a 70% stake in Apuesta Total. This deal made CIRSA Peru’s largest gambling operator, adding 500 betting points and an online sportsbook to its existing portfolio of 19 casinos and 3,200 slot machines.

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The operator noted that the shift was informed by “extensive research and stakeholder engagement”, with the new campaign tasked with changing public perception of the company from a casino and hotel “to a world-class entertainment destination”. 

Research is said to have identified a need to “bring joy, energy, and life into its cities”, as well as a demand to introduce reinvigorated experiences for guests and visitors.

The campaign is live nationally across television, outdoor, print, and social media, and is centred around creating heightened experiences for the communities. 

It is hoped that an array of events, covering entertainment, awards nights, celebrity sightings, weddings, gala events, birthdays and TV broadcasts, will be elevated across the aforementioned cities.

Crown, which is presenting partner for the Taylor Swift I The Eras Tour in Sydney and Melbourne, will commence the campaign with a program of events in these two cities and Perth across sport, music, art, dining and entertainment. 

“Today marks an exciting new chapter in Crown’s history. Our reimagined Crown brand presents an opportunity to build a culture and character that enriches our cities through tourism, employment, world-class entertainment, hospitality, retail, and dining experiences,” explained Ciarán Carruthers, Crown Resorts CEO. 

“Over the last two years, we have worked very hard as a business to set Crown on a path to fundamentally change for the better. Upon opening, Crown was renowned as the home of all things interesting, and the place that makes the ordinary extraordinary. With new owners, new management, a new strategy, a new visual identity, and a new experience, we will do so again.

“To us, ‘interesting’ is the promise of something unique, elevated, unexpected, and memorable. ‘Interesting’ jolts you from the mundane. Our research told us that Australians expect that from Crown. As we move forward, interesting experiences will be a critical part of our strategy to energise our cities and supercharge Australia’s tourism revival. 

“The leadership of this campaign is testament to Danielle Keighery and her team, who have breathed new life into the Crown brand and helped set the company up for future success. Ahead of her upcoming departure from Crown, I’d like to thank Danielle for her enormous contribution and wish her all the best for her future.”

Last year, Crown, which saw a long protracted A$8.9bn (US$6.3bn) takeover by Blackstone become finalised, received a pair of financial penalties in Victoria that were handed down amid a slew of investigations into the group in recent times.

In November, Crown Resorts’ Melbourne venue received a mammoth A$120m in fines from the Victorian Gambling and Casino Control Commission.

This became the second such action brought against the company by the regulator following the state’s royal commission into the group, with the financial penalty taking the company’s Victorian total to $200m. One year earlier, the VGCCC fined Crown A$80m over its China Union Pay process.

June saw Crown Melbourne accept an AUS$20m fine from the Victorian Gambling and Casino Control Commission for breaching casino tax obligations.

One month later, a $450m financial penalty was imposed on the group by the Federal Court of Australia after AUSTRAC filed civil proceedings for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.

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This will see the former acquire common and preferred equity interests from BREIT in a new joint venture that owns a 95 per cent interest in the real estate assets of the gaming facility.

According to the pair, Realty Income will invest $300m of common equity in the joint venture, subject to certain adjustments, to acquire a 21.9 per cent indirect interest in the property. Blackstone will retain 73.1 per cent, while MGM will keep hold of its five per cent share.

Furthermore, the group will also spend $650m to acquire a yield-bearing preferred equity interest in the joint venture. The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions.

“Where you invest matters and this transaction demonstrates the strong investor demand for the high-quality assets we have assembled within BREIT,” stated Nadeem Meghji, Head of Blackstone Real Estate Americas.

“The Bellagio is an iconic property in the heart of the Las Vegas Strip and we look forward to our continued ownership of this asset, now in partnership with Realty Income. This partial sale represents another terrific outcome for BREIT shareholders.” 

Blackstone completed the $4.25bn acquisition of the real estate assets of the Bellagio from MGM in November 2019, however, it was revealed earlier in the year that the group was thinking of offloading a stake in the group.

In addition, last year Wynn Resorts confirmed the sale of the land and real estate assets of Encore Boston Harbor to Realty Income Corporation for $1.7bn.

“Realty Income seeks to invest in high-quality real estate at scale in partnership with operators who are leaders in their respective industries,” commented Sumit Roy, Realty Income’s President and Chief Executive Officer. 

“This transaction to acquire an interest in the Bellagio, an iconic property, represents our second investment in the gaming industry and exemplifies the advantages of our size, scale and access to capital. 

“We are pleased to initiate our credit investment platform through a preferred equity investment in the Bellagio joint venture. 

“Credit investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring.”

The Bellagio features approximately 4,000 guestrooms and suites across two towers, 157,000 square feet of gaming space and 200,000 gross square feet of meeting and event facilities.

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2022

The Gibraltar Social Democrats criticised the British overseas territory’s government after the Financial Action Task Force revealed that it would remain on the grey list.

The FATF noted that despite “continued progress across its action plan”, all deadlines to implement each point contained therein had now passed. 

Gibraltar was placed on the grey list in June 2022, at the same time as Malta’s delisting was confirmed, when “strategic deficiencies” in AML compliance were said to have been identified. 

At a press conference, Marcus Pleyer, FATF Chair at the time, stated that “there are a number of steps that need to be taken by the country” to ensure its removal.

31

An Australian parliamentary inquiry into online gambling and its impacts on those experiencing harms issued 31 recommendations that are said to “apply a public health lens to online gambling”.

Titled ‘you win some, you lose more’, suggestions issued include a blanket advertising ban, comprehensive national harms reduction strategy, formation of a national regulator, a levy on online wagering service providers, a public education campaign, more independent research and improved data collection.

Furthermore, stronger consumer protections also include a requirement for WSPs to verify their customer’s identity before accepting bets, ban on inducements, legislated duty of care and increased crackdown on illegal entities.

Peta Murphy MP, Chair of the Committee, commented: “Australians are the biggest losers in the world when it comes to gambling. We have a culture where sport and gambling are intrinsically linked.

“These behaviours are causing increasingly widespread and serious harm to individuals, families, and communities.”

236,789

Glitnor Group faced a €236,789 fine from Malta’s Financial Intelligence Analysis Unit due to more than 10 legal provision breaches related to risk assessment failures. 

The online casino group breached several codes under the Prevention of Money Laundering and Funding of Terrorism Regulations, following a compliance review undertaken in 2019. 

One section of the breaches saw the FIAU state that Glintor hadn’t conducted “a thorough consideration of the risks” presented by specific casino and sports betting products that it offers, while also failing to consider risks when “placing reliance on other parties to obtain certain customer due diligence obligations”. 

These were accompanied by several failures in key areas, such as customer identification and verification, risk assessment policies and procedures, and understanding “the purpose and intended nature” of business partnerships. 

4.25

Blackstone is reportedly prepared to listen to offers for half of its interest in Las Vegas’ Bellagio, a little under four years after the US investment management firm purchased the property.

According to Bloomberg News, which could not name sources due to the private nature of the deliberations, Blackstone is considering its options but is, at the current time, not 100 per cent committed to the potential sale.

The New York headquartered firm announced $4.25bn acquisition of the real estate assets of the Bellagio from MGM Resorts International in November 2019, as the latter made further headway into an asset light strategy.

225

Fanatics saw an improved $225m bid accepted regarding the acquisition of the US business of PointsBet after DraftKings made a play to gazump a deal that was agreed in May.

In response to DraftKings $195m deal, labelled as “a significant premium” by the operator, Fanatics raised its previous offer by 50 per cent ($75m), which was subsequently accepted.

Issuing an update on the M&A race, PointsBet noted that it had facilitated a due diligence process to enable a non-binding proposal to be submitted by DraftKings by the end of the Australian business day on Tuesday 27 June. However, that was subsequently missed.

1

Franc Weerwind, Minister for Legal Protection for the Dutch Government, stated that having “norm-setting conversations” with gaming operators could be more effective than imposing fines regarding the upcoming advertising ban for Dutch online gambling.

Weerwind’s comments came in response to Dutch parliamentary questions about the enforcement of the upcoming ban on online gambling advertising, set to begin on July 1.

Members of the House of Representatives Mirjam Bikker, Michiel van Nispen and Anne Kuik asked Weerwind if it was true that comments made at the recent Gaming in Holland event by René Jansen, Chair of Kansspelautoriteit, indicated that the KSA would not enforce fines on operators that break the advertising rules straight away, and if that is the right approach.

12.25

Playtech and NorthStar Gaming enhanced a strategic partnership via a fresh investment that was charged with ramping up the latter’s marketing and player acquisition strategy.

The funding, which follows a C$12.25m outlay being made into the Ontario-based online casino and sportsbook operator earlier in the year, is designed to support “rapid growth and expansion”.

An initial contribution of C$1.5m will be made by Playtech, with this figure potentially being increased to C$4m, to support the company’s acquisition strategy through the remainder of the year and into the first quarter of 2024.

300

Betr raised an additional $35m in a recent investor funding round to give the online sports betting company a valuation of $300m.

The Series A2 round of financing, which had an initial closing in Q2 and is scheduled to conduct a finish closing in Q3, was led by IA Sports Ventures, Eberg Capital and Fuel Venture Capital. Fuel expanded its investment size to date from $10m to $20m.

Betting executive Joey Levy and social media personality Jake Paul – both co-founders of Betr – also took part in the investment round via a personal investment and the Anti Fund, respectively.

Existing investors who took part in the round as well included FinSight Ventures, Florida Funders and Aliya Capital Partners.

215.6

Groupe Partouche praised continued “momentum” from the final half of the previous financial year after publishing turnover of €215.6m in its H12023 financial report, a YoY increase of 15.2 per cent. 

After reviewing the management report of its executive board, the French casino operator, which holds both land-based and online operations in countries such as Switzerland, and Belgium, published the company’s half-year financial statistics from November 2022 to April 2023. 

Outlining that the results prove a “return to normal activity” since the pandemic restrictions were lifted earlier last year, the company published GGR of €341m, a 17.6 per cent uptick on H12022’s figures. 

Meanwhile, the operator witnessed a 24.6 per cent increase in EBITDA to €42.7m, representing 19.8 per cent of the firm’s turnover, compared to H12022’s €34.2m. 

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According to Bloomberg News, which could not name sources due to the private nature of the deliberations, Blackstone is considering its options but is, at the current time, not 100 per cent committed to the potential sale.

The New York headquartered firm announced $4.25bn acquisition of the real estate assets of the Bellagio from MGM Resorts International in November 2019, as the latter made further headway into an asset light strategy.

This also saw an affiliate of Treasure Island owner Phil Ruffin enter into a definitive agreement to acquire Circus Circus Las Vegas for $825m.

As part of the transaction, MGM signed a long-term lease, with an initial annual rent of $245m, and continued to be responsible for all operations and capital expenditures of the venue.

This becomes the latest offload of gaming properties undertaken by Blackstone, with Vici Properties finalising the purchase of the remaining 49.9 per cent of a joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort earlier in the year.

The pair noted that the acquisition of Blackstone’s share of the JV will be for $1.27bn and Vici’s assumption of the pro-rata share of the existing property-level debt. 

This had a principal balance of $3bn, matures in 2032, and bears interest at a fixed rate of 3.558 per cent per annum through March 2030.

Earlier this week, Blackstone cashed out on yet more real estate after Prologis detailed an intention to acquire almost 14 million square feet of industrial properties for $3.1bn.

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Coming 18 months after Blackstone was welcomed as the group’s first institutional investor, the company has secured minority investments by funds managed by Norwest Venture Partners and Arctos Sports Partners.

GeoComply, which asserted that it is “uniquely positioned” at the intersection of fintech, streaming and identity management verticals that it said represents “a total addressable market of $80bn and growing,” is looking to utilise the capital to advance a buildout across financial services and media rights management. 

Anna Sainsbury, Co-Founder and CEO of GeoComply, said of this latest development: “With their added support we will take our ground truth geolocation platform into broader technology markets, so these industries can also receive the level of reliability and credibility GeoComply has consistently delivered to our core regulated internet gaming and sports betting clients.

“Despite a challenging tech environment, GeoComply has continued to invest and expand our product and services. Every division of our company is driven by a shared passion to address the evolving challenges facing our communities. 

“For example, our team is leveraging our technology to tackle the high profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide. 

“We have big plans for 2023 and beyond, and continue to hire and expand as we bring our products and services to more markets and verticals.” 

Norwest is a global, multi-stage venture and growth equity investment firm that manages more than $12.5bn in capital and has funded over 650 companies since inception.  

“GeoComply reflects Norwest’s continued focus on investing in businesses that help companies ensure mission critical compliance with regulations, manage risk, and avoid costly penalties,” noted Jon Kossow, Managing Partner at Norwest. 

“Anna and David have built an impressive, profitable business serving the gaming and sports betting market, and we look forward to partnering with them as GeoComply expands into financial services, crypto and other verticals.” 

Arctos is a private investment platform dedicated to providing growth capital and liquidity solutions to professional sports franchise owners in major North American leagues and global sports organisations, as well as technology and services companies working within this ecosystem.  

“A robust gaming environment depends on technology that prevents fraud, verifies identity and location, and ensures the safety and security of its users as well as adherence to all relevant laws and regulations. GeoComply is the leader in providing this essential technology,” stated Chad Hutchinson, Partner at Arctos. 

“We are thrilled to partner with Anna and the team at GeoComply as they expand operations and bring their technology to new geographies and markets.”

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The pair of real estate investment trust’s detail that the purchase of Blackstone’s share of the JV will be for $1.27bn and Vici’s assumption of the pro-rata share of the existing property-level debt. 

This debt has a principal balance of $3bn, matures in 2032, and bears interest at a fixed rate of 3.558 per cent per annum through March 2030.

Jon Gray, President and Chief Operating Officer of Blackstone, said: “Vici Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone.”

Scott Trebilco, Senior Managing Director of Blackstone Real Estate, noted: “The sale of these assets is an excellent outcome for our BREIT investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors, including logistics and rental housing.”

The properties, situated at the south end of the Las Vegas Strip, are subject to an existing triple-net lease agreement between the JV and MGM Resorts International. This will generate annual rent of approximately $310m upon the commencement of the next rental escalation on March 1, 2023.

The MGM Grand Las Vegas and Mandalay Bay lease has a remaining initial lease term of approximately 27 years, expiring in 2050, with two ten-year tenant renewal options. Rent under the lease agreement escalates annually at two per cent until 2035, and at the greater of two per cent or CPI (subject to a three per cent ceiling) from that point on.

Vici gained its 51.1 share in the JV in August 2021 following the acquisition of MGM Growth Properties for a total consideration of $17.2bn.

Edward Pitoniak, Chief Executive Officer of VICI Properties, explained: “We have been honoured to be BREIT’s partner in the MGM Grand Las Vegas / Mandalay Bay joint venture and this transaction further demonstrates the ability of Blackstone and Vici to work together productively, now and in the future. 

“We’re excited to further our investment in MGM Grand Las Vegas and Mandalay Bay, two of the largest and highest-quality resorts in what we believe is the leisure and convention destination with the most compelling future demand outlook.

“This transaction also provides us with the opportunity to further grow our partnership with MGM Resorts International as they look to capitalise on the growing vitality of the south Strip.”

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During the quarter the real estate investment trust closed the acquisition of MGM Growth Properties for total consideration of approximately $17.2bn, inclusive of the assumption of approximately $5.7bn of net debt.

Simultaneous with the closing, the company entered into an amended and restated triple-net master lease with MGM for an initial term of 25 years, with three 10-year tenant renewal options for an initial total annual rent of $860m. 

Additionally, the company retained MGP’s 50.1 per cent ownership stake in the joint venture between MGP and Blackstone, which owns the real estate assets of MGM Grand Las Vegas and Mandalay Bay.

Annual rent under the MGM master lease will be reduced by $90m upon closing the sale of the operations of the Mirage Hotel & Casino to Hard Rock International, and by $40m when Gold Strike Casino Resort is divestment to the Cherokee Nation Businesses.

The former will see a fresh lease entered into alongside Hard Rock for initial base rent of $90m, with the deal remaining subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2022.

Furthermore, CNB, whose lease alongside Vici will also mimic the aforementioned sale figure, remains subject to customary closing conditions and regulatory approvals ahead of finalisation in the first half of 2023.

These updates come as the REIT disclosed that revenue through the second quarter of the year increased 76 per cent to $662.6m from the $376.4m produced one year earlier.

Net loss attributable to common stockholders dropped to $57.7m compared to income of $300.7m, with adjusted funds from operations reported as $430.1m, an uptick of 67.9 per cent year-on-year compared to $256.1m.

Edward Pitoniak, Chief Executive Officer of Vici Properties, commented: “The second quarter of 2022 marked another transformational quarter at Vici. 

“In April, we received investment grade ratings from S&P and Fitch, enabling us to complete the largest investment grade bond offering in REIT history. 

“At the end of April, we closed our strategic acquisition of MGM Growth Properties, making Vici one of the most compelling portfolios of class A real estate among American REITs. 

“In June, we were added to the S&P 500 index, becoming the fastest REIT to get from IPO to S&P 500 inclusion. 

“Our improved access to capital enables us to opportunistically pursue transactions as we continue our growth journey.”

The company also reaffirmed guidance for the full year, with it expected that AFFO for the 12 months ending December 31, 2022, will fall between $1.66bn and $1.69bn.

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