VICI Properties’ geographically diverse portfolio consists of 49 gaming facilities across the United States and Canada comprising approximately 124 million square feet and features approximately 59,300 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. Kramer Levin Naftalis & Frankel LLP served as legal counsel to VICI Properties. Rent under the lease will escalate annually by 2.0% (with escalation of the greater of 2.0% and CPI, capped at 3.0%, beginning in lease year 11), 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.Īnnual base rent payments under the Company’s master lease with MGM Resorts International (NYSE: MGM) (“MGM”) have been reduced by $40.0 million, to a total of $730.0 million, to account for MGM’s divestiture of the operations of 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. John Payne, President and Chief Operating Officer of VICI Properties, said, “We are excited to partner with Cherokee Nation Businesses in Tunica and look forward to supporting the team as they grow their gaming and hospitality businesses.” (“CNB”), VICI has entered into a triple-net lease agreement with CNB with respect to the real property associated with Gold Strike. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that, in connection with the acquisition of the operations of Gold Strike Casino Resort (“Gold Strike”) by CNE Gaming Holdings, L.L.C., an indirect subsidiary of Cherokee Nation Businesses, L.L.C.

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