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VICI

VICI Properties

$21.47

-0.03 (-0.14%)

, PENN

Penn National

$19.76

-0.3 (-1.50%)

06:17
11/14/18
11/14
06:17
11/14/18
06:17

VICI Properties, Penn National to acquire Greektown Casino-Hotel for ~ $1B cash

VICI Properties (VICI) announced that it has, together with Penn National Gaming (PENN), entered into definitive agreements to acquire the real property and operations of the Greektown Casino-Hotel located in downtown Detroit, Michigan, for an aggregate purchase price of approximately $1B in cash. Under the terms of the agreements, VICI Properties will acquire the land and real estate assets of Greektown for approximately $700M, and Penn National will acquire the operating assets of Greektown for approximately $300M. Simultaneous with the closing of this transaction, the Company will enter into a triple-net lease agreement with Penn National related to Greektown. The lease will have an initial total annual rent of $55.6M for an implied capitalization rate of 7.9%, with an initial term of 15 years, with four 5-year renewal options. The rent coverage ratio in the first year after closing is expected to be 1.8x and the tenant's obligations under the lease will be guaranteed by Penn National. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in mid-2019. The acquisition is expected to be accretive immediately upon closing.

VICI

VICI Properties

$21.47

-0.03 (-0.14%)

PENN

Penn National

$19.76

-0.3 (-1.50%)

VICI VICI Properties
$21.47

-0.03 (-0.14%)

10/24/18
BARD
10/24/18
INITIATION
Target $26
BARD
Outperform
VICI Properties initiated with an Outperform at Baird
Baird analyst RJ Milligan initiated VICI Properties with an Outperform rating, citing its attractive valuation and balance sheet, the potential for multiple expansion, and its external growth pipeline which should drive outsized earnings growth. Milligan has a $26 price target on VICI Properties shares.
10/15/18
BOFA
10/15/18
UPGRADE
Target $23
BOFA
Buy
VICI Properties upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Shaun Kelley upgraded VICI Properties (VICI) to Buy from Neutral and raised its price target to $23 from 22. Kelley believes VICI has the strongest growth profile in Gaming REITS given rising potential of real estate drop downs from Caesars Entertainment (CZR), potential sector M&A including press Jack Ohio, and $130M in rent from three call option properties.
09/26/18
NOMU
09/26/18
INITIATION
NOMU
Buy
VICI Properties initiated with a Buy at Nomura Instinet
Nomura Instinet analyst Daniel Adam initiated VICI Properties with a Buy rating and a $29 price target. Adam called VICI Properties the top pick in the gaming REITs sector, and noted "The majority of earnings growth and upside surprises for VICI will likely stem from unlocking hidden value that is built in to its lease agreements with its largest tenant."
08/14/18
08/14/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. CREDIT SUISSE INITIATES CASINO STOCKS: Credit Suisse analyst Cameron McKnight initiated Gaming and Leisure Properties (GLPI), VICI Properties (VICI), and PlayAGS (AGS) with an Outperform, Las Vegas Sands (LVS), Wynn Resorts (WYNN), MGM Growth (MGP), and International Game (IGT) with a Neutral, as well as Scientific Games (SGMS) with an Underperform. MORGAN STANLEY RAISES SALESFORCE PRICE TARGET TO $178 FROM $153: Morgan Stanley analyst Keith Weiss raised his price target for Salesforce (CRM) shares to $178 from $153 and maintained an Overweight rating. Weiss noted that unlocking data trapped in legacy systems via MuleSoft brings the company to the forefront of driving digital transformation for its customers and added that consensus expectations likely underestimate its growth potential as well as its improved track record in M&A. JEFFRIES SAYS "SIGNIFICANT SHAREHOLDER VALUE TO BE UNLOCKED" AT NIELSEN: Even following yesterday's 12% rally, there is "significant shareholder value to be unlocked" at Nielsen Holdings (NLSN), Jefferies analyst Surinder Thind told investors in a research note. Nielsen was also upgraded to Outperform from Neutral at Macquarie and to Equal Weight from Underweight at Barclays. Morgan Stanley analyst Toni Kaplan reiterated an Overweight rating and $26 price target on the stock. NOMURA RAISES PRICE TARGET AFTER SQUARE CASH APP SURPASSED PAYPAL'S VENMO IN JULY: Nomura Instinet analyst Dan Dolev raised his price target for Square (SQ) to $86 from $82 after his firm's July payments app tracker showed cumulative Square Cash App downloads surpassed PayPal's (PYPL) Venmo for the first time. SWITCH DOWNGRADED AT MULTIPLE FIRMS: Switch (SWCH) was downgraded to Market Perform from Outperform at Raymond James, to Neutral from Overweight at JPMorgan, and to Neutral from Buy at BTIG. Switch shares are down about 25% in morning trading.
PENN Penn National
$19.76

-0.3 (-1.50%)

11/02/18
RHCO
11/02/18
NO CHANGE
Target $32
RHCO
Buy
Penn National price target lowered to $32 from $39 at SunTrust
SunTrust analyst Barry Jonas lowered his price target on Penn National (PENN) to $32 after its Q3 earnings miss, saying the underperformance came from competitive pressures in Illinois and Mississippi, even though its other regions were "healthy". The analyst keeps his Buy rating on Penn National longer term, with expected upside to estimate coming from the integration of Pinnacle Entertainment (PNK) once it is completed.
10/11/18
STFL
10/11/18
NO CHANGE
Target $38
STFL
Buy
'Irrational selling' of Penn National presents buying opportunity, says Stifel
Stifel analyst Steven Wieczynski blames recent share weakness in regional gaming names on concerns about the economy, hedge funds exiting the gaming space and investors fleeing over-levered balance sheets given rate fears. However, Penn National has 75% of their debt fixed including lease payments and management expects rising rates to actually be a net positive given their senior-aged average customers will end up with more discretionary income in their wallets, Wieczynski tells investors after meeting with company management. He remains "steadfast" in his support of Penn National shares following his meetings and thinks the "irrational selling" of the stock has created a buying opportunity. The analyst keeps a Buy rating and $38 price target on Penn National.
10/01/18
RHCO
10/01/18
INITIATION
Target $39
RHCO
Buy
Penn National assumed with a Buy at SunTrust
SunTrust analyst Barry Jonas assumed Penn National with a Buy rating and a price target of $39 as part of his broader "U.S. Gaming" coverage transfer research report. The analyst is positive on the company's position as a "best in class regional gaming operator" and its expected transformative acquisition of Pinnacle Entertainment (PNK). Jonas notes that M&A synergies could drive potential upside to Penn National estimates along with "continued margin improvements across its portfolio".
08/28/18
JEFF
08/28/18
NO CHANGE
JEFF
Buy
Penn, Boyd smoking ban weakness may be buying opportunity, says Jefferies
Jefferies analyst David Katz said he views proposed smoking bans in St. Charles and St. Louis counties as potentially detrimental to Penn National (PENN) and Boyd Gaming (BYD), depending on the passing of the bills and the exemptions allowed. While the prospective process could "very modestly" temper his otherwise positive view on both stocks, he would consider any potential weakness a buying opportunity, Katz added. He keeps Buy ratings on the stocks of both casino operators.

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