27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
- VICI Properties Inc (NYSE:VICI), an experiential real estate investment trust, announced that its CEO Edward Pitoniak recently announced the acquisition of the remaining 49.9% interest in the MGM Grand Las Vegas and Mandalay Bay joint venture.
- VICI currently owns a 50.1% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort.
- VICI agreed to acquire Blackstone Real Estate Income Trust, Inc's ("BREIT") 49.9% interest for $1.27 billion cash and VICI's assumption of BREIT's pro-rata share of the existing property-level debt.
- The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears interest at a fixed rate of 3.558% per annum through March 2030.
- The properties, situated at the south end of the Las Vegas Strip in Las Vegas, Nevada, are subject to an existing triple-net lease agreement between the joint venture and MGM Resorts International (NYSE:MGM).
- The lease will generate annual rent of $310 million upon the commencement of the following rental escalation on March 1, 2023.
- VICI Properties intends to fund the transaction through a combination of cash on hand, proceeds from the settlement of existing outstanding forward equity sale agreements, and the assumption of the remaining 49.9% of the existing property-level debt.
- VICI expects the transaction to be immediately accretive to AFFO per share upon closing.
- VICI held $1.7 billion in cash and equivalents as of September 30. Traditional net debt was $989.5 million.
- In November, VICI raised $509.9 million via a secondary stock offering for funding acquisition.
- Price Action: VICI shares traded lower by 0.37% at $33.75 on the last check Friday.
- Photo via Wikimedia Commons
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!