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Feb. 05, 2018

Kramer Levin Represents VICI Properties in $1.4 Billion Initial Public Offering, REIT Industry’s Fourth-Largest

Kramer Levin represented VICI Properties Inc. (NYSE: VICI), an experiential-asset real estate investment trust, in its upsized initial public offering of 69,575,000 shares of common stock at a public offering price of $20.00 per share. The IPO generated gross proceeds of approximately $1.4 billion, making it the fourth-largest REIT IPO to date. The shares began trading on February 1, 2018 on the New York Stock Exchange under the symbol “VICI.”

Kramer Levin previously represented VICI Properties in its formation last year as part of the Caesars bankruptcy reorganization plan. More recently the firm represented VICI Properties 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 represented VICI Properties on its simultaneous $2.6 billion credit agreement and debt refinancing, as well as its $1.0 billion private placement transaction to finance, in part, the Harrah’s Las Vegas purchase.

VICI Properties is an owner, acquirer and developer of experiential real estate assets across leading gaming, hospitality, entertainment and leisure destinations.

[This announcement updates a previous announcement posted Feb. 1, 2018.]

 

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