VICI Properties Inc.'s private placement of its common stock has grown, with the total investment sum now standing at $1.0 billion.
The company will sell 54,054,053 shares at $18.50 apiece. In November, VICI Properties launched the placement of roughly 45,946,000 common shares at $18.50 apiece for gross proceeds of $850 million.
The net proceeds will be used for working capital and general corporate purposes, as well as to partially fund the approximately $1.14 billion sale-leaseback deal the company signed with a Caesars Entertainment Corp. affiliate for the land and related improvements associated with the Harrah's Las Vegas Hotel and Casino.
The common stock sale is conditional upon the closing of the acquisition and certain customary conditions. Following the offering, VICI Properties will have 300,278,939 outstanding shares of common stock, according to a release.