PACS Group, Inc. announced on December 1 2025 that it has acquired the operations and real estate of a 160‑bed skilled nursing facility in Las Vegas, Nevada. The purchase brings the company’s portfolio to 321 facilities across 17 states, reinforcing its roll‑up strategy in high‑growth markets.
On the same day, PACS entered into a Sixth Amendment to its Amended and Restated Credit Agreement. The amendment waives all defaults and events of default that had been triggered under the existing forbearance agreement, and it allows the company to draw $100 million and maintain $500 million of available liquidity under its $600 million revolving credit facility. By removing the threat of accelerated debt repayment, the amendment provides a critical runway for future acquisitions and capital improvements.
The Las Vegas acquisition fits PACS’s focus on distressed facilities that can be transformed into high‑acuity, short‑term transitional care centers. Las Vegas’s rapidly growing population and strong demand for post‑acute care make the facility an attractive addition, while the distressed status of the asset offers PACS an opportunity to apply its operational expertise and achieve scale efficiencies.
PACS has recently navigated significant financial challenges, including a forbearance agreement and a 2024 accounting restatement that highlighted material weaknesses in internal controls. The credit amendment directly addresses those issues by restoring lender confidence and eliminating the risk of default acceleration. Management emphasized that the company has “addressed recent challenges” and is now “entirely focused on the future.”
With the liquidity boost, PACS can pursue additional acquisitions, invest in existing facilities, and enhance clinical and operational performance. The company’s strategy of integrating distressed assets into a high‑acuity model is expected to improve margins through better utilization and cost control, while the expanded geographic footprint strengthens its competitive position in the fragmented skilled nursing market.
"The amendment and waiver to our credit agreement and the latest addition to our growing portfolio demonstrate how our team continues to execute on our strategy and position our business for continued growth," said CEO Jason Murray. "We have addressed recent challenges, put them squarely behind us, and we are entirely focused on the future. We are confident in our ability to build on the momentum underway, continue to deliver high‑quality care to patients, and drive value creation for shareholders."
"This acquisition further expands our operations in the attractive and growing Las Vegas market as we continue to take an opportunistic approach to deepening our regional presence," added President and COO Josh Jergensen. "We look forward to working together with the local healthcare community and passionate caregivers to provide top‑notch care to the residents and families we serve."
"We want to thank our banking partners for their continued support in helping us complete this amendment to our revolving credit facility. With our strong balance sheet and ample liquidity, we expect to evaluate additional acquisitions, invest in existing facilities across our portfolio, and continue enhancing our clinical and operational performance to fuel growth," said Interim CFO Mark Hancock.
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