VICI Properties and Penn combine on Margaritaville Resort Casino acquisition

|About: Penn National Gaming, Inc. (PENN)|By:, SA News Editor

VICI Properties (NYSE:VICI) announces that it signed a deal to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City, Louisiana for approximately $261M.

Penn National Gaming (NASDAQ:PENN) will acquire the operating assets of the Margaritaville Resort Casino for approximately $115M in cash.

The aggregate purchase price payable in connection with the acquisition of the real property and operations of the Margaritaville Resort Casino is ~$376M in cash.

VICI and Penn National will enter into a triple-net lease agreement over the property upon closing on the deals. The lease will have an initial total annual rent of approximately $23M and an initial term of 15 years, with four 5-year renewal options.

The transaction is expected to be immediately accretive.

Source: Press Release

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