VICI Properties, a REIT that manages properties on behalf of Caesars Entertainment Corporation, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO we estimate could raise $1 billion. The company currently trades on the OTC markets (OTC: VICI; $4.9 billion market cap).
The Las Vegas, NV-based company was founded in 2016 and booked $434 million in pro forma FFO for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol VICI. Morgan Stanley, Goldman Sachs and BofA Merrill Lynch are the joint bookrunners on the deal. No pricing terms were disclosed.
