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Dec. 22, 2017

Kramer Levin Advises VICI Properties on $1.14 Billion Sale/Leaseback Transaction for Harrah’s Las Vegas and Related Debt/Equity Financings

Kramer Levin represented VICI Properties Inc. (OTC VICI) in connection with its agreement with Caesars Entertainment Corp. to acquire and lease back the land and real property improvements associated with the iconic Harrah’s Hotel and Casino in Las Vegas for approximately $1.14 billion and its simultaneous $73.6 million sale to Caesars of undeveloped land adjacent to the Las Vegas Strip upon which Caesars intends to construct a 300,000-square-foot convention center. 

Kramer Levin also advised VICI on securing debt financing commitments under VICI’s existing first lien loan facility from Goldman Sachs and Morgan Stanley and $850 million of equity financing in a private placement, as well as agreements for the repurchase of $400 million of Caesars Palace Las Vegas mezzanine debt. The transactions closed on Dec. 22, 2017.

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