Caesars Intégral Sale regarding Caesars Palace’s Octavius Tower to VICI

Las Vegas gaming and hospitality enormous Caesars Amusement Corp. and also real estate investment believe VICI Properties announced the exact completion of the exact latter’s purchase of the Octavius Tower at Caesars Structure for the whole amount of $507. 5 thousand in hard cash.

Under the phrases of an existing ground rent agreement regarding the two persons, VICI is going to lease the exact property back to Caesars. The real estate capital spent trust will certainly annually get $35 huge number of for the Octavius Tower.

VICI spun take the time Caesars’ major operating system Caesars Enjoyment Operating Company. (CEOC) while in the fall with 2017. VICI’s launch came on the an incredible of CEOC’s exit with Chapter 11 bankruptcy . The thing became your third REIT to become operating in the casino video gaming industry, utilizing MGM Improvement Properties and even Gaming as well as Leisure Attributes being one other two.

As stated above, VICI seems to have paid the price using obtainable cash. Previously this year, the main REIT firm raised more than $1. only two billion within an IPO. That sought to market 50 mil shares underneath its original plan, although eventually marketed 60. five million.

Harrah’s Philadelphia Acquire

VICI as well announced that it would full the acquisition of the Harrah’s Philadelphia house from Caesars in the 4th quarter belonging to the year. The initial purchase price regarding $241. a few million Read the rest of this entry »