NEW YORK & DALLAS--(BUSINESS WIRE)--VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) and ClubCorp Holdings, Inc. (“ClubCorp”) (an Apollo Global Management fund portfolio company) announced today that they have entered into a strategic arrangement to grow BigShots Orion, LLC (“BigShots Golf”), whereby VICI Properties may provide up to $80.0 million of mortgage financing for the construction of up to five new BigShots Golf™ facilities throughout the United States, subject to definitive documentation.
John Payne, President and Chief Operating Officer of VICI Properties, said, “We are excited to partner with ClubCorp, the leading operator of private golf and country clubs in the United States, to help grow their BigShots Golf business. ClubCorp’s proven experience creating dynamic member and guest experiences throughout their country club, city and stadium club locations is highly complementary to the BigShots Golf platform and we’re thrilled to serve as a financing partner. This arrangement enables VICI to continue expanding into attractive experiential sectors and new geographic markets in a prudent manner while securing additional long-term growth opportunities for VICI.”
“We are ecstatic to partner with VICI and expand the BigShots Golf brand to new markets across the country” said ClubCorp CEO David Pillsbury. “The golf entertainment industry continues to rapidly grow 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, elevated dining and fun for the whole family. Our partnership with VICI will allow us to continue pursuing new market opportunities and bring the BigShots Golf experience to more communities.”
As part of the non-binding arrangement, VICI Properties will have a call right to acquire the real estate assets associated with any financed BigShots Golf facility in a sale leaseback transaction. In addition, VICI Properties will have a right of first offer on any additional mortgage, mezzanine, preferred equity, or other similar financing that is treated as debt to be obtained by BigShots Golf (or any of its affiliates) for any multisite financing related to the development of BigShots Golf’s extensive existing and growing pipeline of facilities. Pursuant to a non-binding letter agreement, the terms and conditions of any transaction between the parties will be set forth in definitive 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 comprising over 47 million square feet and features approximately 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks. Its 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. VICI Properties also has an investment in the Chelsea Piers, New York facility and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.
About BigShots Golf
Majority-owned by ClubCorp, BigShots Golf™ is a tech-driven entertainment and culinary experience offering fun for all ages and skill levels. Venues offer approachable virtual golf games and entertainment activities, elevated food that includes shareable bites and family-style options, plus signature cocktails, craft beer and wine. In addition, indoor and outdoor lounge seating, sports bars, mini golf, outdoor patios and private event spaces provide the ideal atmosphere to hang out with families and friends. Players can compete in their own hitting bays, with other players at the same venue or in real time with players at other BigShots Golf locations through Live Play™.
BigShots Golf is open in Vero Beach, Florida; Fort Worth, Texas; and Springfield, Missouri. Locations are currently under development in Bryan, Texas, opening early 2022; St. George, Utah, opening early 2022; and Naples, Florida, opening Q3 2022.
Since its founding in 1957, Dallas-based ClubCorp has operated with the central purpose of Building Relationships and Enriching Lives®. The leading owner-operator of private golf and country clubs, city and stadium clubs in North America, ClubCorp is relentless in its pursuit of providing extraordinary experiences, meaningful connections, shared passions and memorable moments for its more than 430,000 members. With approximately 20,000 peak-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 foreign countries, ClubCorp creates communities and a lifestyle through its championship golf courses, work spaces, handcrafted cuisine, resort-style pools, tennis facilities, golf lounges, fitness centers and robust programming.
ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, California); 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 “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the VICI’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect VICI’s business, results of operations and financial position (including those stemming from the COVID-19 pandemic and changes in the economic conditions as a result thereof and the ability of the parties to negotiate and reach agreement upon definitive documentation with respect to any potential future transactions described herein) are detailed from time to time in the VICI’s filings with the Securities and Exchange Commission. VICI Properties does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.