VICI Properties, an entertainment REIT that manages properties on behalf of Caesars Entertainment, announced terms for its IPO on Monday.
The Las Vegas, NV-based company plans to raise $1.0 billion by offering 50 million shares at a price range of $19 to $21. At the midpoint of the proposed range, VICI Properties would command a fully diluted market value of $7.0 billion.
VICI Properties was founded in 2016 and booked $768 million in sales for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol VICI. Morgan Stanley, Goldman Sachs, BofA Merrill Lynch, Barclays, Citi and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of January 29, 2018.
