VICI lends more than $1 billion to Las Vegas Strip operators. Is more coming?

VICI lends more than $1 billion to Las Vegas Strip operators. Is more coming?

Article brief provided by The Nevada Independent
  • Howard Stutz, The Nevada Independent
May 9, 2024 9:14 PM
  • Howard Stutz, The Nevada Independent

VICI Properties is finding new ways to invest in Las Vegas without adding more land to the 660 acres the real estate investment trust (REIT) already owns on the Strip.

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Last week, the company announced it was providing Apollo Global Management with a $700 million to partially fund a planned $1.5 billion in renovations for The Venetian, Palazzo and Venetian Expo during the next few years.

This is the second investment VICI has made to the operator of a Strip resort. In 2022, the company funded $350 million of a $2.2 billion construction financing package obtained by developers of the Fontainebleau Las Vegas, which opened last December.