VICI, a Las Vegas-based company with 49 casinos including Caesar’s Palace Las Vegas, MGM Grand and the Venetian, has recently expanded its reach by providing mortgage financing for Canyon Ranch Tucson and Canyon Ranch Lenox in an amount of $140,135,000. Located at 8600 E Rockcliff Road in Tucson Arizona; this refinance is part of the previously announced VICI-Canyon Ranch Growth Partnership which includes call rights that give VICI the option to purchase real estate assets from both resorts subject to certain conditions. If these call rights are exercised then Canyon Ranch will continue operating under a long-term triple net master lease with VICI while transaction proceeds are used to repay mortgage financing. Connect CRE was first to report on this news as it relates to Tucson’s Canyon ranch calling on VICI for refinancing assistance.
