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Casino REITs May Be Logical Companions For Six Flags, Says L&B – Casino.org
Posted on: December 23, 2022, 02:05h.
Final up to date on: December 23, 2022, 02:05h.
Jonathan Litt’s Land & Buildings Funding Administration, LLC (L&B) is pushing Six Flags Leisure (NYSE:SIX) to monetize its property holdings, noting that casino landlords are among the many real property funding trusts (REITs) that might be smart consumers of the land.
Land & Buildings founder Jonathan Litt. He says casino REITs might be believable consumers of Six Flags land. (Picture: Wealth Administration)
In a presentation to traders revealed earlier this week, L&B revealed it has a roughly 3% stake in the amusement park operator and that the corporate may “unlock substantial worth” for shareholders by promoting its real property belongings. The activist investor means that Six Flags pursue sale-leasebacks — a transaction type that’s widespread in the gaming industry.
It is the best time to take motion to monetize Six Flags’ uniquely helpful real property portfolio given the high multiples comparable belongings are buying and selling at in the private and non-private markets,” mentioned Litt in the presentation. “This technique of separating the real property and operator is a construction we’ve seen succeed in maximizing worth of quite a few hospitality and leisure corporations that we’ve invested in traditionally.”
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GLPI, VICI Talked about as Doable Patrons of Six Flags Land
The L&B presentation mentions casino landlords Gaming and Leisure Properties (NASDAQ:GLPI) and VICI Properties (NYSE:VICI) as among the many doubtlessly “enticing companions” for Six Flags in a sale-leaseback situation. These are the 2 publicly traded gaming REITs.
VICI, the biggest landlord on the Las Vegas Strip, owns more than casino real property. The REIT owns 4 golf programs and has offered financing to operators of other non-gaming venues. GLPI owns the property of 57 Casinos and will look to diversify its industry and tenant publicity by contemplating offers with Six Flags.
L&B additionally talked about Blackstone (NYSE:BX) and Realty Revenue (NYSE:O) as potential companions for Six Flags. The previous owns Bellagio’s real property whereas the latter owns Encore Boston Harbor, which is Operated By Wynn Resorts.
“There is obtainable liquidity and a pretty price of capital for a number of of those consumers to accumulate Six Flags’ real property at a good valuation for the corporate’s shareholders,” added L&B.
L&B Expertise May Show Materials
Underneath Litt’s stewardship, L&B has been down this highway earlier than, prodding working corporations with substantial real property holdings to divest these properties in the title of making shareholder worth.
In reality, Litt was the architect of the “Restore MGM Resorts” marketing campaign, which pushed the gaming firm to unlock worth for traders by promoting its prime real property belongings. That led to the spinoff of MGM Progress Properties in 2016. That firm was acquired by VICI earlier this 12 months.
“MGP merged into VICI Properties to create a $50 billion experiential internet lease REIT. This construction was innovated by Marriott (NYSE: MAR) in the Nineteen Nineties, creating what is at this time known as Host Resorts & Resorts (NYSE: HST), a $16 billion REIT, proudly owning 78 properties, together with the enduring Ritz-Carlton and 4 Seasons motels,” concluded L&B.
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