NEW YORK & DALLAS – (BUSINESS WIRE) – VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) and ClubCorp Holdings, Inc. (“ClubCorp”) (a fund portfolio company of Apollo Global Management) announced today that they have entered into a strategic agreement on the growth of BigShots Orion, LLC (“BigShots Golf”), with VICI Properties up to $ 80.0 million
John Payne, President and Chief Operating Officer of VICI Properties, said, “We are excited to partner with ClubCorp, the leading privately owned golf and country club operator in the United States, to expand their BigShots golf business. ClubCorp’s proven experience in creating dynamic member and guest experiences in their country, city and stadium club locations greatly complements the BigShots Golf platform and we are pleased to serve as funding partners. This agreement enables VICI to continue to expand prudently into attractive sectors of experience and new geographic markets while securing additional long-term growth opportunities for VICI. ”
“We are excited to partner with VICI to expand the BigShots Golf brand to new markets across the country,” said David Pillsbury, CEO of ClubCorp. “The golf entertainment industry is growing in popularity as people discover the magic of golf in a fun, non-intimidating environment. BigShots Golf is leading the way with new innovative technology, fine dining and fun for the whole family. Our partnership with VICI will allow us to continue to pursue new market opportunities and bring the BigShots golf experience to more communities. ”
As part of the non-binding agreement, VICI Properties has the right to terminate the acquisition of the property values in connection with a financed BigShots golf facility as part of a sale-leaseback transaction. In addition, VICI Properties has a right of first refusal on any additional mortgage, mezzanine, preferred equity, or other similar financing treated as debt borrowed by BigShots Golf (or one of its affiliates) for any multisite financing related to the development of the major BigShots Golf’s existing and growing facility pipeline. According to a non-binding letter agreement, the terms of each transaction between the parties are recorded in final documentation.
About VICI properties
VICI Properties Inc. is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 28 gaming facilities spanning over 47 million square feet, with approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sports betting. The properties are leased to industry-leading gaming and hospitality operators including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC and Penn National Gaming, Inc. owns VICI Properties also an investment in Chelsea Piers, New York, which owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the highest quality, most productive experience real estate portfolio nationwide. Further information can be found at www.viciproperties.com.
About BigShots Golf
BigShots Golf ™, majority owned by ClubCorp, is a tech-driven entertainment and dining experience that is fun for all ages and skill levels. The venues offer accessible virtual golf games and entertainment activities, fine dining that includes shared bites and family-style options, as well as signature cocktails, craft beer, and wine. In addition, indoor and outdoor lounge seating, sports bars, mini golf, outdoor terraces and private function rooms provide the ideal atmosphere for hanging out with family and friends. Players can compete in their own bays, with other players in the same location, or in real time with players at other BigShots golf locations via Live Play ™.
BigShots Golf is open in Vero Beach, Florida; Fort Worth, Texas; and Springfield, Missouri. Bryan, Texas is currently developing locations that will open in early 2022; St. George, Utah, opening in early 2022; and Naples, Florida, opening Q3 2022.
Since its inception in 1957, Dallas-based ClubCorp has worked with the primary goal of building relationships and enriching lives®. As the leading owner-operator of private golf, country, city and stadium clubs in North America, ClubCorp works tirelessly to deliver exceptional experiences, meaningful connections, shared passions and unforgettable moments to its 430,000+ members. With approximately 20,000 high season employees and a portfolio of over 200 owned or operated golf and country clubs, city clubs, sports clubs and stadium clubs in 27 states, the District of Columbia and two other countries, ClubCorp creates communities and a lifestyle through its championship golf courses, workspaces, handmade cuisine, resort style pools, tennis facilities, golf lounges, fitness centers and a robust program.
ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, Calif.); The Woodlands Country Club (The Woodlands, Texas); and The Metropolitan in Chicago.
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “believe”, “believe”, “estimate”, “expect”, “guide”, “intend”, “plan”, “project”, “will” and similar expressions that have nothing to do with historical things. All statements that are not historical facts are forward-looking statements. You should interpret and rely on forward-looking statements with caution as they involve known and unknown risks, uncertainties and other factors that, in some cases, are beyond VICI’s control and that could materially affect actual results, performance or achievements. Important risk factors that could affect the business, results of operations, and financial condition of VICI (including those arising from the COVID-19 pandemic and resulting changes in economic conditions, as well as the parties’ ability to have definitive documentation Negotiating and reaching an agreement with respect to potential future transactions described herein) will from time to time be set forth in VICI’s filings with the Securities and Exchange Commission. VICI Properties assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or for any other reason, except as required by applicable law.