VICI Properties Inc. Announces a Letter of Intent to Provide $400 Million Mortgage Loan to Caesars/Eldorado and Acquire 23 Acres of Las Vegas Land Adjacent to the Strip
VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential real estate investment trust, today announced it has agreed to provide a $400 million mortgage loan secured by the Caesars Forum Convention Center in Las Vegas.
- VICI Properties Inc. (NYSE: VICI) (VICI Properties or the Company), an experiential real estate investment trust, today announced it has agreed to provide a $400 million mortgage loan secured by the Caesars Forum Convention Center in Las Vegas.
- Additionally, VICI Properties has agreed to acquire approximately 23 acres of undeveloped land parcels adjacent to the center of the Las Vegas Strip for a purchase price of $4.5 million per acre for total proceeds of approximately $103.5 million.
- The acquisition of these land parcels, in addition to the existing 27 acres VICI owns, will give VICI control of 50 acres of land in the vicinity of Harrahs Las Vegas, The Linq, Flamingo, Ballys, Paris and Planet Hollywood on the east side of the Las Vegas Strip.
- The closing of the loan and the acquisition of the land are intended to close concurrently and are cross conditioned.