Vici Properties Inc. · NYSE:VICI
Vici Properties — Merger or Acquisition (June 2019)
12 slides from Vici Properties's merger presentation, Jun 17, 2019
Slide 1: Century Portfolio Transaction Overview
Exhibit 99.2 CENTURY PORTFOLIO TRANSACTION OVERVIEW JUNE 17, 2019
Slide 2: Disclaimers
DISCLAIMERS Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and sim
Slide 3: Century Portfolio – Acquisition Strategic Rationale
CENTURY PORTFOLIO – ACQUISITION STRATEGIC RATIONALE Transaction Highlights ✓ Attractive acquisition cap rate of 9.0% ✓ Transaction is immediately accretive to AFFO ✓ Fourth tenant partnership formed in less than two years since formation, demonstrating VICI’s success in diversifying its tenant base
Slide 4: Century Portfolio – Transaction Overview
CENTURY PORTFOLIO – TRANSACTION OVERVIEW Isle Casino Cape Girardeau Century Portfolio Acquisition Century Casinos Partnership $385.0 million Wholly owned subsidiary Purchase Price ($278.0 million PropCo / Tenant $107.0 million OpCo) of Century Casinos, Inc. Lady Luck Casino Caruthersville LTM 3/31/2
Slide 5: Tenant Overview – New Partnership with Century Casinos
TENANT OVERVIEW – NEW PARTNERSHIP WITH CENTURY CASINOS Company Overview Recent Portfolio Growth • Founded in 1992 by Erwin Haitzmann and Peter Hoetzinger, Century is an international gaming entertainment company that develops, owns, 2015 2016 2017 2018 2019 and operates small to mid-sized casinos in
Slide 6: Isle Casino Cape Girardeau
ISLE CASINO CAPE GIRARDEAU Property Overview Isle Casino Cape Girardeau ✓ Cape Girardeau opened in October 2012 with the 13th and final gaming license in Missouri ~41,500 ✓ Isle Casino Cape Girardeau is located in Cape Girardeau, Missouri, Sq. ft. of approximately two hours south of St. Louis, along
Slide 7: Lady Luck Casino Caruthersville
LADY LUCK CASINO CARUTHERSVILLE Property Overview Lady Luck Casino Caruthersville ✓ Lady Luck Casino Caruthersville is located in Caruthersville, Missouri, approximately 85 miles south of Isle Casino Cape Girardeau and approximately 1.5 hours north of Memphis, Tennessee ~21,000 ✓ The casino has had
Slide 8: Mountaineer Casino, Racetrack & Resort
MOUNTAINEER CASINO, RACETRACK & RESORT Property Overview Mountaineer Casino, Racetrack & Resort ✓ Mountaineer Casino, Racetrack & Resort is located in New Cumberland, West Virginia, approximately one hour west of Pittsburgh, Pennsylvania, and is an easy drive from surrounding locations in ~75,500 Pe
Slide 9: Missouri Is a Mature Gaming Market with a Stable Competitive Environment
MISSOURI IS A MATURE GAMING MARKET WITH A STABLE COMPETITIVE ENVIRONMENT Market & Regulatory Overview Favorable Macroeconomic Trends Market Highlights Regulatory Highlights Missouri GDP and Employment Growth ✓ Missouri is one of the largest regional ✓ The Missouri Gaming Commission was 350,000 12.0%
Slide 10: West Virginia Gaming Market Is Poised for Growth
WEST VIRGINIA GAMING MARKET IS POISED FOR GROWTH Market & Regulatory Overview Favorable Macroeconomic Trends Market Highlights Regulatory Highlights West Virginia GDP and Employment Growth ✓ West Virginia per capita personal income has ✓ The West Virginia Lottery Commission 90,000 10.0% 80,000 9.0%
Slide 11: Master Lease Agreement Overview
MASTER LEASE AGREEMENT OVERVIEW Initial Cash Rent $25.0 million 1.0% in years 2-3 Annual Escalator1 > of 1.25% and CPI beginning in year 4, Rent Adjustment Year 8 & 11: 80% Base / 20% Variable 4% of net revenue increase / decrease Variable Rent Adjustment Mechanic Year 8: Average of years 5-7 less a
Slide 12: Reconciliation from GAAP to Non-GAAP Financial Measures
RECONCILIATION FROM GAAP TO NON-GAAP FINANCIAL MEASURES CALCULATION OF CENTURY PORTFOLIO ADJUSTED EBITDAR Last Twelve Months Ended ($ in millions) March 31, 2019 Net Income $16.9 Interest Expense, Net 2.2 Depreciation and Amortization 17.5 Income Tax Provision 7.5 Corporate Allocation (Management Fe