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VICI Properties files for IPO

VICI Properties Inc. filed for an IPO of an undisclosed number of common stock.

The company proposed a maximum offering price of $100.0 million, estimated solely to calculate the registration fee.

The company will seek to qualify as a REIT, starting with its taxable year ending Dec. 31, and will apply to list its common stock on the NYSE under the VICI ticker.

The company plans to contribute the net proceeds from the IPO to its operating partnership which will use them to partly repay outstanding borrowings and to pay fees and expenses related to the offering. The remaining net proceeds, if any, would be used for general corporate purposes.

VICI Properties is a spinoff of Caesars Entertainment Corp.'s operating unit and holds a portfolio of 19 gaming properties leased to Caesars Entertainment. Its subsidiary owns golf courses. The company recently upsized a private placement of common stock to $1 billion.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Merrill Lynch Pierce Fenner & Smith Inc. are acting as joint book-running managers of the IPO.