- Category
- Defining Matters
- Date
- June 20, 2018
- Title
-
Kramer Levin Client VICI Enters Into Agreement to Acquire Real Estate Assets of Margaritaville Resort Casino and Lease to Penn National Gaming
On June 19, 2018, Kramer Levin client VICI Properties Inc. announced that it has entered into a definitive agreement to acquire the land and real estate assets of Margaritaville Resort Casino for approximately $261 million cash, and Penn National Gaming Inc. will acquire the operating assets of the Margaritaville Resort Casino for approximately $115 million cash. Simultaneous with the closing of the transaction, a subsidiary of Penn National will enter into a triple-net lease agreement with a subsidiary of VICI. The deal is expected to close in the second half of 2018.
The deal was covered in a June 19, Law360 article titled “Kramer Levin Steers VICI's $261M La. Casino Resort Buy.“
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