| Abstrakt: |
VICI Properties Inc. (NYSE:VICI) (together with its affiliates, “VICI Properties” or the “Company”), an experiential real estate investment trust (“REIT”), today announced it has completed the acquisition for the previously announced transaction with Caesars Entertainment Corporation (NASDAQ:CZR) (“Caesars Entertainment” or “Caesars”) to acquire, and lease back, all of the land and real estate assets associated with the Octavius Tower at Caesars Palace for $507.5 million. The Company funded the purchase of Octavius Tower using available cash. Caesars has operated, and will continue to operate, Octavius Tower pursuant to the terms of an existing ground lease until such time as the Caesars Palace Las Vegas lease is amended to incorporate the Octavius Tower ground lease, which will happen concurrently with the closing of Harrah’s Philadelphia (as discussed herein). The annual rent payment to the Company for the Octavius Tower will be $35 million. [ABSTRACT FROM PUBLISHER] |
