VICI Dividend Growth & Investment Grade Ratings
MASTER LEASE AGREEMENTS (CONTINUED)
TRIPLE NET STRUCTURE PROVIDES SECURITY & EARNINGS PREDICTABILITY
JACK Cleveland/Thistledown Master Lease (1)
Caesars Southern Indiana Lease
Tenant
Eastern Band of Cherokee Indians
Current
Annual Cash
Rent
Current
Lease Year
Annual
Escalator
JACK Entertainment
$67.2mm(1)
Feb. 1, 2022- Jan. 31, 2023
Lease Year 3
1.0% in years 3
1.5% in years 4-6
> 1.5% / change in CPI thereafter (capped at 2.5%)
Coverage
Floor
Rent
Adjustment
Variable Rent
Adjustment
Mechanic
None
None
None
Term
20-year initial term with three 5-year renewals
Guarantor
Capex
Rock Ohio Ventures LLC
Initial minimum of $30mm in first 3 years; 1% of Net
Revenues beginning in lease year 4, based on a rolling
VICI
three-year basis (4)
$32.5mm
Venetian Resort Lease
Affiliates of Apollo Global Management, Inc.
$250.0mm
Sept. 3, 2021-Aug. 31, 2022
Lease Year 1
1.5% in years 2-5
>2%/change in CPI thereafter
Feb. 23, 2022 - Per Lease (2)
Lease Year 1
>2%/change in CPI (capped at 3%),
beginning in year 2
None
Year 8 & 11: 80% Base (subject to escalator)
/ 20% Variable
None
None
4% of net revenue increase/decrease
Year 8: Avg. of years 5-7 less avg. of years 0-2(3)
Year 11: Avg. of years 8-10 less avg. of years 5-7
15-year initial term with four 5-year renewals
Eastern Band of Cherokee Indians
None
30-year initial term with two 10-year renewals
Las Vegas Sands Corp. provides contingent lease
payment support through 2023, which will terminate
after (i) 2022 if 2022 EBITDAR > $550mm or (ii) a
change of control occurs
1% of annual Net Revenue
2.0% of net revenue annually (exclusive of gaming
equipment) on a rolling three-year basis with ramp-
up
(1) As amended on October 4, 2021. Commencing April 1, 2022, rent will increase by $1.8mm in connection with the funding of a new gaming patio amenity at JACK Thistledown Racino. (2) Lease year 1 ends on the earlier of (i)
February 28, 2024 and (ii) the first day of the first month following the month in which the net revenue of the Venetian Resort for the trailing 12 months equals or exceeds 2019 net revenue. (3) With respect to Lease Year 0, for
the period Caesars Southern Indiana was closed in 2020 due to COVID-19, the Caesars Southern Indiana Lease will provide for the use of 2019 net revenues, pro rated for the period of such closure. (4) Minimum of $30mm includes
amounts spent on the gaming patio amenity at JACK Thistledown Racino, gaming equipment and the May Company Garage from the period commencing April 1, 2019 until December 31, 2022.
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