VICI Properties Inc. has completed a deal to acquire the real estate assets of the Greektown Casino-Hotel in Detroit, Michigan. The firm paid $1bn in cash to the vendor, Penn National Gaming. The deal was based on the concurrent signing by Penn National of a triple-net lease agreement with VCI Properties. The 15-year lease, which is guaranteed by Penn National has an initial total annual rent of approximately $55.6 million, with four 5-year tenant renewal options.
Opened in 2000, the facility features 100,000 sqf of casino space, approximately 2,700 gaming machines and 60 table games, a poker room, 10 restaurants, bars and a coffee shop. In addition, the casino includes a AAA Four Diamond 400-room, luxury high-rise hotel with 14,000 sqf of event and catering space.
John Payne, President and Chief Operating Officer of VICI Properties, said, the company had closed on three large-scale acquisitions in the past five months, deploying $1bn in proceeds while adding approximately $100 million of annualized rent in two new jurisdiction.
