VICI to issue 100 million shares for financing Venetian deal in finance sector

The company is offering 100,000,000 shares of common stock at a price of $29.50 per share. 50,000,000 shares will be sold directly to the underwriters at closing, while the other 50,000,000 shares will be sold on. Morgan Stanley, Citigroup, J.P. Morgan, and Goldman Sachs have entered into separate forward sale agreements to sell shares on behalf of VICI. The underwriters also have the option to buy an additional 15,000,000 shares within a 30-day period. VICI plans to use the proceeds from the offering to partially finance the acquisition of land and property related to The Venetian Resort and The Venetian Expo in Las Vegas. The $6.25bn deal was agreed with Las Vegas Sands. VICI will pay $4bn in cash for the real estate, while Apollo Global Management will acquire the subsidiaries managing Sands’ US operations for $1.05bn. Additionally, $1.20bn will be financed through a loan credit and security agreement. VICI was spun off from Caesars Entertainment and owns the majority of properties previously operated by the original Caesars business. Caesars aims to raise $1.2bn through senior notes with a 4.625% interest rate due in 2029. The offering is expected to close by September 24, subject to customary closing conditions. The proceeds will fund the Caesars Resorts Collection.