Caesars sets up REIT to run 4 golf courses, casinos

Caesars Entertainment Operating Company has spunoff a new company, VICI Properties, to manage its entertainment and golf properties.

VICI, through its a wholly-owned subsidiary, VICI Golf, will manage Cascata in Boulder City, Nevada; Rio Secco Golf Club in Henderson, Nevada; Chariot Run in Laconia, Indiana; and Grand Bear in Saucier, Mississippi.

Caesars Entertainment recently restructured and emerged from Chapter 11 bankruptcy.

“Our long-term strategy is to create the nation’s highest quality and most productive experiential real estate portfolio and run four of the best golf courses in the world,” said John Payne, Chief Operating Officer of VICI Properties. “Providing enduring value to our guests is key to building loyalty, and that is exactly what we plan to do by offering exceptional service and products. 

VICI Properties’ portfolio includes 19 market-leading gaming facilities, including Caesars Palace Las Vegas. The Company’s properties are leased to Caesars and operate under leading brands such as Caesars, Horseshoe, Harrah’s and Bally’s, and feature approximately 32.5 million square feet of space, 12,000 hotel rooms and more than 150 restaurants, bars and nightclubs.

The Company’s golf courses were previously operated by Caesars Entertainment Outdoor, which was wholly-owned by CEOC prior to VICI Properties’ emergence as an independent, standalone company.

Rio Secco Golf Club reopened on Oct. 10 after undergoing an extensive $2 million renovation overseen by golf course architect Rees Jones. The 18-hole course features new greens, renovated bunkers and an expanded practice facility.

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