Vici Properties is reportedly considering a substantial $400 million investment in The Bahamas, specifically targeting Atlantis Paradise Island. This potential investment by the real estate investment trust (REIT), which primarily focuses on the casino industry and was spun off from Caesars Entertainment in 2017, was hinted at in the Central Bank of The Bahamas’ recent quarterly economic and financial developments report.
The Central Bank, responsible for fostering monetary stability conducive to economic development, disclosed on November 5 that Vici could be interested in investing in the iconic Paradise Island destination. The bank’s “Selected New Foreign Investment Projects” summary mentioned that Vici and Atlantis owner Brookfield Asset Management, a Canadian equity giant, had been approved for further investment in The Bahamas, specifically on New Providence.
According to the report, Vici Properties and Brookfield received approval on September 10, 2024, for a $382 million project in the hospitality sector. Atlantis, which Brookfield acquired in 2012 through debt restructuring, appears to be the focal point of this substantial financial move.
Reports had previously surfaced in 2019 and last year suggesting that Brookfield was open to selling Atlantis for around $2.5 billion, but no deals materialized. Now, it seems Brookfield has found a partner to invest in or expand the ocean-themed resort. The $382 million project may rejuvenate a 2022 initiative by Atlantis, in collaboration with David Grutman of Groot Hospitality and music producer Pharrell Williams. This project, named “Somewhere Else,” envisaged a 400-room hotel near The Coral, but ground was never broken.
There’s also a possibility that Vici is acquiring a stake in Atlantis with its $382 million investment approved in September. Requests for comments from Vici, Brookfield, and Atlantis remain unanswered.
Vici presently controls the real estate assets of 93 casinos and gaming properties across the U.S. and Canada, making it the largest casino landlord globally with a market capitalization nearing $33 billion.
The investment in Atlantis would align with Vici’s strategic goals if the REIT aims to make a significant impact in the Caribbean market. Atlantis, with its extensive operational experience since opening nearly 26 years ago, boasts a casino that collaborates with Caesars.
Caesars Rewards members at the Diamond level and above qualify for annual complimentary stays at Atlantis, even for the lowest Diamond tier, which includes a four-night stay at The Coral Tower during select months. Seven Stars members can enjoy a free five-night stay any month of the year.
Moreover, the Atlantis casino hosts the World Series of Poker Paradise, set to take place next month. The tournament features a $25,000 buy-in No Limit Hold’em Championship with a $50 million prize pool guarantee.
While Caesars recently sold WSOP for $500 million, they maintain rights to host the flagship WSOP live tournament series at its Las Vegas casinos for the next 20 years and continue using WSOP’s brand at their poker rooms. This long-standing connection with WSOP underscores opportunities for Vici in its potential Caribbean expansion.
