Kramer Levin advised VICI Properties, one of the largest owners of gaming, hospitality and entertainment destinations, on multiple strategic real estate and finance transactions, all of which closed on the same day, Dec. 22, 2017. On the real estate front, VICI entered into an agreement with Caesars Entertainment 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. Simultaneously, VICI closed on the $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.
On the finance front, VICI closed on a $1 billion equity financing in a private placement and entered into agreements for the repurchase of $400 million of Caesars Palace Las Vegas CMBS mezzanine debt. Also on Dec. 22, VICI closed a $2.6 billion credit agreement and debt refinancing to finance, in part, the Harrah’s Las Vegas purchase.
Weeks later, on Feb. 5, 2018, VICI Properties Inc., with the help of Kramer Levin, completed a $1.4 billion initial public offering. It was the fourth-largest real estate investment trust (REIT) IPO to date.