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Nov. 14, 2018

Kramer Levin Represents VICI Properties in $1 Billion Acquisition of Greektown Casino-Hotel

On Nov. 14, 2018, Kramer Levin client VICI Properties Inc. announced that it has entered into a definitive agreement to acquire the land and real estate assets of the Greektown Casino-Hotel in downtown Detroit for approximately $700 million in cash from JACK Entertainment, a company owned by Dan Gilbert, the founder of Quicken Loans and owner of the Cleveland Cavaliers basketball team. Under the terms of the agreement, Penn National Gaming Inc. will acquire the operating assets of Greektown for approximately $300 million in cash. Simultaneous with the closing of this transaction, VICI will enter into a triple-net lease agreement with Penn National related to Greektown. The deal is expected to close in mid-2019.

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