Expanded Partnership with Cabot at Cabot Saint Lucia and Cabot Highlands
December 19, 2023
DISCLAIMERS
Forward Looking Statements
This presentation 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," 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 control of VICI Properties Inc. and its subsidiaries (collectively, the "Company" or "VICI") and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that the Company may not achieve the benefits contemplated by our pending and recently completed transactions and acquisitions of real estate assets, including the transactions described herein; risks that not all potential risks and liabilities have been, or will be, identified in the Company's due diligence for our pending and recently completed transactions, including the transactions described herein; the historical financial and operating results of Cabot may not be a reliable indicator of their future results; and the effects of our recently completed and pending transactions and the pending transactions, including the transactions described herein, on us, including the future impact on our financial condition, financial and operating results, cash flows, strategy and plans.
Additional important factors that may affect the Company's business, results of operations and financial position are described from time to time in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q and the Company's other filings with the Securities and Exchange Commission. The Company 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.
Cabot Information
The Company makes no representation as to the accuracy or completeness of the information regarding Cabot included in this presentation. While we believe this information to be reliable, we have not independently investigated or verified such data.
Market and Industry Data and Trademark Information
This presentation contains estimates and information concerning the Company's industry, including market position, rent growth, corporate governance, and other analyses of the Company's peers, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which the Company operates is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the "Risk Factors" section of the Company's public filings with the SEC. The brands operated at our properties are trademarks of their respective owners. None of these owners nor any of their respective officers, directors, agents or employees have approved any disclosure contained in this presentation or are responsible or liable for the content of this presentation.
Published on December 19, 2023.
© VICI. All rights reserved. No part of this publication may be reproduced, distributed or transmitted in any form or by any means, including without limitation photocopying, recording or any other electronic or mechanical methods, without the express written permission of VICI.
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CABOT PARTNERSHIP OVERVIEW
VICI entered into an agreement with Cabot to provide a delayed draw development loan for Cabot Saint Lucia and has agreed in principle to provide a delayed draw development loan for Cabot Highlands,
expanding and internationalizing the companies' investment partnership and bringing the potential total committed capital to approximately $300 million
Cabot Citrus Farms
Up to $120 million
Delayed draw development loan plus
future real estate ownership
7 years
Loan term
June 2022
Investment announced
Cabot Highlands(1)
Up to £85 million
Delayed draw development loan plus call
right for future real estate ownership
7 years
Loan term
December 2023
Investment announced
Cabot Saint Lucia
Up to $100 million
Delayed draw development loan
7 years
Loan term
December 2023
Investment announced
(1) Entry into the delayed draw development loan and call right agreement for Cabot Highlands are subject to negotiation of definitive documentation and other customary closing conditions.
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CABOT CITRUS FARMS
In June 2022, VICI entered into a delayed draw term loan facility for up to $120 million and a Purchase and Sale Agreement with Cabot. Pursuant to the Purchase and Sale Agreement, VICI has the right to convert a portion of the loan facility into the ownership of certain Cabot Citrus Farms real estate assets
Cabot Citrus Farms is Cabot's first American property, located 45 minutes north of Tampa's airport and set across 1,200 acres of pristine natural beauty. Previously known as World Woods Golf Club, the Cabot property will re-emerge as a vibrant destination known for incredible golf and world-class real estate.
LOCATION: Brooksville, Florida | OPENING: January 2024
Source: Cabot, as of December 2023
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CABOT CITRUS FARMS (CONTINUED)
At Build-Out, Citrus Farms is Projected to Feature:
Karoo: 18-hole course
The Roost: 18-hole course
The Squeeze: 10-hole course
The Wedge: 11-hole course
Combination of over 100 real estate units, including:
Cottages
Fairway Homes
Golf House Guestrooms
Wellness & Clubhouse Guestrooms
Multiple F&B outlets
Dining program for meals inside private residences
Fishing, biking, kayaking, hiking, and more in the surrounding area
Near event venues including Raymond James Stadium, Tropicana Field, Amalie Arena
Source: Cabot, as of December 2023
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CABOT HIGHLANDS
In December 2023, VICI reached an agreement in principle to enter into an up to £85 million delayed draw development loan facility for the development of Cabot Highlands in Inverness, Scotland, with a call right agreement to acquire a portion of the real estate assets upon stabilization of the resort, subject to negotiation of definitive documentation and other customary closing conditions
Cabot Highlands is Cabot's first UK property in its diverse collection of world-class gold and master-planned communities. Surrounded by the breathtaking Scottish Highlands, this celebrated property is woven into the fabric of the region's rich golf history. Previously known as Castle Stuart, the newly acquired Cabot property is home to the renowned 18-hole Castle Stuart Golf Links, designed by Mark Parsinen and Gil Hanse, which has been featured in the World Top 100. It also features a practice range, an art-deco inspired clubhouse, and the historic 17th century castle after which the golf course was named. The property will expand with the build of a second golf course designed by acclaimed architect Tom Doak, scheduled to open in 2025. The resort will eventually feature a full golf village of lodging, dining, retail, and health / wellness, making it the first fully integrated golf resort in the Scottish Highlands.
LOCATION: Inverness, Scotland | NEW COURSE OPENING: Expected in 2025
Source: Cabot, as of December 2023
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CABOT HIGHLANDS (CONTINUED)
Gil Hanse 18-hole golf course ranked 72 in World Top 100
New 18-hole Tom Doak course to be open in 2025
First fully-integrated golf resort in the Scottish Highlands
Nearby Highlands festivals
Biking, kayaking, sailing fishing, and more
Local historical attractions near the world-famous Loch Ness
Unique art-deco inspired clubhouse has a bar, restaurant, and top-floor lounge
Will eventually feature full golf village of lodging, dining, retail, and health / wellness
Golf Monthly: Top 100 Courses in UK & Ireland
Today's Golfer: Top 100
Courses in Scotland
Golf Magazine: Top 100
Courses in UK & Ireland
Golf Digest: World's 100 Greatest Golf Courses ('22)
Source: Cabot, as of December 2023
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CABOT SAINT LUCIA
In December 2023, VICI entered into a delayed draw development loan facility for up to $100 million for Cabot Saint Lucia
Cabot Saint Lucia offers spectacular golf, jaw-dropping natural beauty, and a residential community located on a beautiful 375- acre peninsula at the northern tip of the revered Caribbean Island. The property will feature a magnificent Coore & Crenshaw- designed 18-hole golf course and a stunning collection of residences ranging from fairway townhomes to expansive, customizable single-family homes and beachfront living opportunities. Cabot Saint Lucia will offer a host of luxury amenities and adventures to be enjoyed by the whole family. Health and wellness offerings are abundant throughout the property, with a vibrant Beach Club, stunning pools, a rejuvenating spa, and a sports center complete with tennis courts and an adventure landscape for kids.
LOCATION: Point Hardy, Saint Lucia | OPENING: December 2023
Source: Cabot, as of December 2023
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CABOT SAINT LUCIA (CONTINUED)
At Build-Out, Saint Lucia is Projected to Feature:
One 18-hole, par 71 golf course perched above the Atlantic Ocean
Features 9 coastline holes
Designed by Bill Coore and Ben Crenshaw
Over 300 luxury homesites with tailored design overlooking the island landscape
Phase 1 Ocean Villas (43 lots) are sold out
3 restaurants
1 beach club
Multiple additional dining options within a 15-minute drive
Debuted in Golf Magazine's Top 100 Courses in the World; featured on the cover of the November 2023 issue
Source: Cabot, as of December 2023
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GOLF INDUSTRY HIGHLIGHTS
Golf participation volumes continue to outpace pre-COVID levels, with 2022 running 15% above the average of the 2017-2019 period
$102 Billion
Estimated size of the U.S. golf industry
41 Million Overall Participants
Including both on- and off-course forms, total U.S. participants increased 10% YoY & surpassed 40 million for the first time
510 Million U.S. Rounds Played
20 average rounds per golfer
37,724 Golf Courses Globally
Almost half of new 18-hole courses that have opened in the U.S. over the past several years were built more than 50 miles from a major city(1)
#1 Outdoor Pay-for-Play Sport
in the U.S.
Almost one in nine Americans plays golf in some form, a higher participation rate than sports such as basketball, tennis, baseball, and skiing
$31 Billion in U.S. Golf-Related
Tourism
Golf-related tourism encompasses trips of 50-miles-or-more. NGF estimates 26 million trips in 2022
Source: National Golf Association's 2023 Golf Industry Report and 2022 Golf Impact Report. (1) Cities with population of 50,000 or greater
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VICI Properties Inc. published this content on 19 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2023 13:11:07 UTC.