VICI Properties has agreed to provide a mezzanine loan of $127m to Great Wolf Resorts for the development of Great Wolf Lodge Gulf Coast Texas.
The lodge will be a $200m family resort project in Webster, Texas, containing 532 rooms and a water park resort.
The lodge was announced today at an event hosted by Great Wolf and is expected to start welcoming guests in mid-to-late 2024.
The mezzanine loan has an initial three-year term with two optional 12-month extensions which can be activated under certain conditions.
Great Wolf will fund the rest of the development with on-hand cash, in accordance with a construction draw schedule.
VICI has now provided Great Wolf with a mezzanine loan for the third time, providing the company a capital commitment of $265.5m in total.
VICI’s strategic arrangement is to provide up to $300m of mezzanine financing for the development of Great Wolf’s domestic and international indoor water park resort.
The latest investment from VICI highlights its continued diversification in funding entertainment projects. The real estate investment trust has a portfolio of many casino and entertainment destinations.
Its investment partners include Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas – all of which are located on the Las Vegas Strip.
Earlier this year, VICI reported $1.5bn in total revenue for the full-year (2021), up 23% year-on-year.
This followed the completion of a $4bn deal for the real estate of the Venetian Resort, which Apollo now operates.
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