VICI Properties announces stock offering to fund purchase from Sands CDC Gaming Reports · March 4, 2021 at 4:02 pm When Las Vegas Sands’ $6.25 billion sale of its Las Vegas Strip properties to investment fund Apollo Global Management and VICI Properties was announced Wednesday, it was revealed that the Sands was putting up $1.2 billion in seller financing. Apollo was to kick in $1.05 billion, leaving VICI on the hook for the remaining $4 billion. VICI announced Thursday that it would fund part of its purchase with a common stock offering. The company expects to raise up to $2.0 billion by offering 60 million shares at a price of $29 per share, with the option for underwriters to purchase an additional 9 million shares. The company expects the offering close the offering on March 8th and says it will not initially receive any proceeds from the sale of stock. Any cash proceeds that it receives will fund a portion of the purchase price for the purchase of the Venetian Casino Resort and Sands Expo and Convention Center from Las Vegas Sands. VICI will enter a triple-net lease agreement with Apollo for the Venetian. The lease will have an initial total annual rent of $250 million and an initial term of 30 years, with two 10-year tenant renewal options. VICI Properties stock closed March 3rd at $29.19 on the New York Stock Exchange, up 71 cents or 2.49%.