Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

VICI Properties to Provide USD 400m Mortgage Loan to Caesars/Eldorado and Acquire 23 Acres of Las Vegas Land Adjacent to the Strip.

Document Cited in Related
Vincent

MANews-(C)2009-2020

US-based real estate investment trust VICI Properties Inc. (NYSE: VICI) has agreed to provide a USD 400m mortgage loan secured by the Caesars Forum Convention Center in Las Vegas, the company said.

The loan will bear interest at a rate of 7.7%, with payments subject to 2% annual escalation, and will have a term of 5 years pre-payable beginning in year 3 subject to certain conditions.

The Caesars Forum Convention Center will remain subject to the existing Put/Call Agreement between Caesars Entertainment Corp. and VICI, with certain modifications, including VICI's call option accelerating to 2025.

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 USD 4.5m per acre for total proceeds of approximately USD 103.5m.

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 Harrah's Las Vegas, The Linq, Flamingo, Bally's, Paris and Planet Hollywood on the east side of the Las Vegas Strip.

Additionally, the VICI land parcel will be adjacent, along its entire western length, to the Las Vegas Monorail, which carries approximately 4.6 m passengers a year, and will also be alongside The High Roller, a skyride attraction that generates approximately 1.5 m visits per year.

The loan and the acquisition of the land parcels are pursuant to a...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT