Published on: November 12, 2024, 05:06h.
Last updated on: November 12, 2024, 05:06h.
Vici Properties is reportedly considering a significant investment in Atlantis Paradise Island in the Bahamas.
Speculation about Vici’s interest in Atlantis stemmed from the Central Bank of The Bahamas’ latest quarterly economic report. The bank revealed that Vici and Atlantis owner Brookfield Asset Management had been approved for further investment in the Bahamas.
Vici Properties and Brookfield were granted approval for a $382 million project in the hospitality sector on September 10, 2024, as per the bank’s report.
Atlantis is Brookfield’s sole investment in the Bahamas after acquiring the resort in 2012 through a debt restructuring.
There were previous reports indicating that Brookfield was looking to sell Atlantis for $2.5 billion, but no deal materialized. Now, Vici might be stepping in to invest in or expand the popular destination.
The potential $382 million project could revitalize a planned hotel project called “Somewhere Else” that never materialized.
Vici’s approved investment could also involve acquiring a share of Atlantis. However, requests for comments from Vici, Brookfield, and Atlantis have gone unanswered.
With a market capitalization of nearly $33 billion, Vici currently owns the real estate assets of 93 casinos in the U.S. and Canada.
Caesars Connection
The partnership between Caesars and Atlantis, along with Atlantis’ long-standing presence in the Caribbean, make it an attractive prospect for Vici Properties.
Caesars Rewards members at certain levels can enjoy complimentary stays at Atlantis each year, with additional perks for higher-tier members.
The Atlantis casino is also home to the World Series of Poker Paradise, offering a prestigious poker tournament with substantial prize pools.
Despite Caesars’ recent sale of WSOP, the company retains the rights to host the flagship live tournament series at its Las Vegas properties and use WSOP’s branding in its poker rooms for the next two decades.