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Feb. 24, 2022

Kramer Levin Client VICI Completes Acquisition of the Venetian Resort’s Real Estate in Las Vegas

On Feb. 23, 2022, Kramer Levin client VICI Properties Inc. (NYSE: VICI), an experiential REIT, announced that it completed the transactions announced on March 2, 2021, with Las Vegas Sands Corp. (NYSE: LVS) (LVS) pursuant to which VICI acquired all the real estate assets associated with the Venetian Resort Las Vegas and the Venetian Expo and Convention Center Las Vegas, located in Las Vegas, Nevada (collectively, the Venetian Resort), for $4.0 billion in cash. An affiliate of certain funds managed by affiliates of Apollo Global Management Inc. (the Apollo Funds) acquired the operating company of the Venetian Resort for approximately $2.25 billion. Simultaneous with the closing of the transaction, VICI entered into a triple-net lease agreement for the Venetian Resort with an affiliate of the Apollo Funds.

The deal was recognized by Law360 as one of the top Q1 real estate deals of 2021.

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