NEW YORK–(BUSINESS WIRE)–
– Enters into Absolute Acceding for Harrah’s Philadelphia and Charter Modifications –
VICI Backdrop Inc. (VICI) (together with its affiliates, “VICI Properties” or the “Company”), an empiric absolute acreage advance assurance (“REIT”), today appear it has completed the accession for the ahead appear transaction with Caesars Ball Corporation (CZR) (“Caesars Entertainment” or “Caesars”) to acquire, and charter back, all of the acreage and absolute acreage assets associated with the Octavius Tower at Caesars Palace for $507.5 million. The Company adjourned the acquirement of Octavius Tower application accessible cash. Caesars has operated, and will abide to operate, Octavius Tower pursuant to the acceding of an absolute arena charter until such time as the Caesars Palace Las Vegas charter is adapted to absorb the Octavius Tower arena lease, which will appear accordingly with the closing of Harrah’s Philadelphia (as discussed herein). The anniversary hire acquittal to the Company for the Octavius Tower will be $35 million.
The accession of Octavius Tower represents the cleanup of a allocation of the affairs advised and abundant in the ahead appear Letter of Intent (“LOI”) entered into on May 8, 2018 by and amid the Company and Caesars. On July 11, 2018, VICI Backdrop and Caesars entered into a absolute acceding with account to the added affairs advised by the LOI, including the accession of all of the acreage and absolute acreage assets associated with Harrah’s Philadelphia for $241.5 million, which will be bargain by $159 actor to reflect the accumulated net present bulk of the advised modifications to assertive of the Company’s leases with Caesars, consistent in banknote application of $82.5 million. The accession of Harrah’s Philadelphia and the access into the advised modifications to the charter agreements are accepted to aing during the fourth division of 2018.
About VICI Properties
VICI Backdrop is an empiric absolute acreage advance assurance that owns one of the better portfolios of market-leading gaming, accommodation and ball destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically assorted portfolio consists of 20 gaming accessories absolute over 37 actor aboveboard anxiety and appearance about 15,000 auberge apartment and added than 150 restaurants, confined and nightclubs. Its backdrop are busy to arch brands such as Caesars, Horseshoe, Harrah’s and Bally’s, which accent chump adherence and bulk through abundant service, above articles and connected innovation. VICI Backdrop additionally owns four championship golf courses and 34 acreage of abortive acreage adjoining to the Las Vegas Strip. VICI Properties’ action is to actualize the nation’s accomplished affection and best advantageous empiric absolute acreage portfolio. For added information, amuse appointment www.viciproperties.com.
This columnist absolution contains advanced statements aural the acceptation of the federal balance laws. You can analyze these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and agnate expressions that do not chronicle to absolute matters. All statements added than statements of absolute actuality are advanced statements. You should exercise attention in interpreting and relying on advanced statements because they absorb accepted and alien risks, uncertainties, and added factors which are, in some cases, above the Company’s ascendancy and could materially affect absolute results, performance, or achievements. Among those risks, uncertainties and added factors are risks that the accession of the Harrah’s Philadelphia acreage may not be consummated on the acceding or timeframe declared herein, or at all; the adeptness of the parties to amuse the altitude set alternating in the absolute transaction documents, including the adeptness to receive, or delays in obtaining, authoritative approvals and the consents appropriate to able the accession of the Harrah’s Philadelphia acreage (including appropriate lender and holder consents); the accident that Caesars may exercise its alarm appropriate to balance the Octavius Tower acreage in the accident that the Harrah’s Philadelphia acquirement acceding is terminated; the acceding on which the Company affairs the accession of the Harrah’s Philadelphia property, including the antecedent of funds acclimated to accounts such transaction; disruptions to the absolute acreage and operations of the accession of the Harrah’s Philadelphia acreage during the pendency of the closing; risks that the Company may not accomplish the allowances advised by the acquisitions of the absolute acreage assets (including any accepted accession or the bulk of any approaching hire payments); and risks that not all abeyant risks and liabilities accept been articular in the Company’s due diligence. Although the Company believes that in authoritative such advanced statements its expectations are based aloft reasonable assumptions, such statements may be afflicted by factors that could account absolute outcomes and after-effects to be materially altered from those projected. The Company cannot assure you that the assumptions aloft which these statements are based will prove to accept been correct. Added important factors that may affect the Company’s business, after-effects of operations and banking position are declared from time to time in the Company’s Anniversary Report on Form 10-K for the year concluded December 31, 2017, Quarterly Reports on Form 10-Q and the Company’s added filings with the Balance and Exchange Commission. The Company does not undertake any obligation to amend or alter any advanced statement, whether as a aftereffect of new information, approaching events, or otherwise, except as may be appropriate by applicative law.
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