Caesars Accomplishes Sale for Caesars Palace’s Octavius Wind generator tower to VICI
Las Vegas gaming as well as hospitality big Caesars Amusement Corp. and real estate investment rely on VICI Homes announced the completion of the exact latter’s acquisition of the Octavius Tower in Caesars Structure for the whole amount of $507. 5 , 000, 000 in income.
Under the stipulations of an current ground lease agreement involving the two celebrations, VICI is going to lease the home or property back to Caesars. The real estate capital spent trust could annually obtain $35 million for the Octavius Tower.
VICI spun faraway from Caesars’ main operating unit Caesars Fun Operating Company. (CEOC) in the fall with 2017. VICI’s launch followed on the pumps of CEOC’s exit via Chapter 14 bankruptcy . The company became the third REIT to become operating around the casino gaming industry, by using MGM Advancement Properties and also Gaming and also Leisure Real estate being the opposite two.
As mentioned before, VICI has paid the price using on the market cash. Previously this year, the actual REIT enterprise raised in excess of $1. 3 billion in an IPO. It sought to market 50 mil shares within its first plan, still eventually sold 60. 5 various million.
Harrah’s Philadelphia Purchase
VICI likewise announced that it would finish the acquisition of the Harrah’s Philadelphia real estate from Caesars in the final quarter within the year. The purchase price with $241. 5 million are going to be reduced to $82. Continue reading “Caesars Accomplishes Sale for Caesars Palace’s Octavius Wind generator tower to VICI”