VICI Properties amends MGM master lease, reduces annual rent to $770M from $860M; enters new Mirage lease with Hard Rock

VICI PROPERTIES INC.

MGM Master Lease Amendment executed December 19, 2022, reducing annual base rent from $860M to $770M.
Amendment follows MGM's sale of Mirage Hotel & Casino operations to an affiliate of Hard Rock International.
VICI concurrently entered a triple-net lease with Hard Rock for the Mirage land and real estate assets.
Mirage facility removed from MGM master lease; Hard Rock becomes tenant under new standalone lease.
MGM Resorts International remains guarantor for remaining 13 facilities under the amended master lease.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VICI PROPERTIES INC. entered into a lease with Hard Rock (effective 2022-12-19).

Action: entry
Agreement: lease
Counterparty: Hard Rock
Effective: 2022-12-19

Exact text from the filing

Concurrently therewith, the Company entered into a triple-net lease with Hard Rock related to the land and real estate assets of the Mirage.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VICI PROPERTIES INC. amended MGM Master Lease Amendment with MGM Resorts International valued at $860 million to $770 million (effective 2022-12-19).

Action: amendment
Agreement: lease
Counterparty: MGM Resorts International
Value: $860 million to $770 million
Effective: 2022-12-19

Exact text from the filing

The MGM Master Lease Amendment provides for, among other things, MGM’s sale of the operations of the Mirage and reduces the annual base rent under the MGM Master Lease from $860 million to $770 million.

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VICI PROPERTIES INC. filing history →

Source: SEC EDGAR

accession 0001705696-22-000133

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