VICI Properties may provide up to $80 million of mortgage financing for the construction of up to five new BigShots Golf facilities throughout the U.S. “The golf entertainment industry continues to rapidly grow in popularity, as people discover the magic of golf in a fun, non-intimidating environment,” said ClubCorp CEO David Pillsbury.
VICI Properties and ClubCorp Holdings have entered into a strategic arrangement to grow BigShots Orion, whereby VICI Properties may provide up to $80 million of mortgage financing for the construction of up to five new BigShots Golf facilities throughout the United States.
VICI Properties Inc. is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace. VICI Properties also has an investment in the Chelsea Piers, N.Y. facility and owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip.
As part of the non-binding arrangement, VICI Properties will have a call right to acquire the real estate assets associated with any financed BigShots Golf facility in a sale leaseback transaction. In addition, VICI Properties will have a right of first offer on any additional mortgage, mezzanine, preferred equity, or other similar financing that is treated as debt to be obtained by BigShots Golf (or any of its affiliates) for any multisite financing related to the development of BigShots Golf’s extensive existing and growing pipeline of facilities.
“We are ecstatic to partner with VICI and expand the BigShots Golf brand to new markets across the country” said ClubCorp CEO David Pillsbury. “The golf entertainment industry continues to rapidly grow in popularity, as people discover the magic of golf in a fun, non-intimidating environment. BigShots Golf is leading the way with new innovative technology, elevated dining and fun for the whole family. Our partnership with VICI will allow us to continue pursuing new market opportunities and bring the BigShots Golf experience to more communities.”
“We are excited to partner with ClubCorp, the leading operator of private golf and country clubs in the United States, to help grow their BigShots Golf business,” said John Payne, President and Chief Operating Officer of VICI Properties. “ClubCorp’s proven experience creating dynamic member and guest experiences throughout their country club, city and stadium club locations is highly complementary to the BigShots Golf platform and we’re thrilled to serve as a financing partner. This arrangement enables VICI to continue expanding into attractive experiential sectors and new geographic markets in a prudent manner while securing additional long-term growth opportunities for VICI.”
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