VICI Properties Inc. (NYSE: VICI) announced yesterday that the Company has agreed to provide a mezzanine loan for up to $127.0 million to Great Wolf Resorts, Inc. related to the development of Great Wolf Lodge Gulf Coast Texas, a more than $200 million family resort project in Webster, TX.
The 532-room indoor water park resort was officially announced today during a groundbreaking event and is expected to start welcoming guests in mid-to-late 2024. The mezzanine loan has an initial term of 3 years with two 12-month extension options subject to certain conditions. The investment is expected to be funded with cash on hand in accordance with a construction draw schedule.
This transaction represents VICI Properties’ third mezzanine loan investment with Great Wolf for a total capital commitment of $265.5 million as part of the Company’s strategic arrangement to provide up to $300 million of mezzanine financing to support the funding of the development of Great Wolf’s domestic and international indoor water park resort pipeline.
VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.