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May 15, 2018

Kramer Levin Advises VICI in LOI Regarding Asset Sale Leaseback, Lease Modifications with Caesars Entertainment

On May 9, 2018, Kramer Levin client VICI Properties Inc. announced that it has entered into a non-binding letter of intent with Caesars Entertainment Corporation, related to the $749 million acquisition and leaseback by VICI of real estate assets owned by Caesars and modifications to certain existing lease agreements between the companies. The properties covered by the letter of intent for acquisition by VICI are the real estate assets associated with the Octavius Tower at Caesars Palace and the real estate assets associated with Harrah’s Philadelphia.

The transactions are subject to negotiation of definitive documentation, receipt of regulatory approvals and other third-party approvals and other conditions.

The deal was covered in a May 9, Law360 article titled “Kramer Levin Guides REIT’s $749M Caesars Asset Buy.”

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