CHESTER, PA—VICI Properties, an experientialreal estate investment trust, has completed previously disclosedtransactions with Caesars EntertainmentCorporation to acquire, and lease back, all of the landand real estate assets associated with Harrah'sPhiladelphia. The company also modified leases withCaesar's in connection with the transaction
Harrah's Philadelphia was acquired for apurchase price of $241.5 million, which was reduced by $159.0million to reflect the aggregate net present value of the leasemodifications, resulting in a net cash consideration of $82.5million, excluding transaction costs. The company funded the netpurchase price using available cash. The Harrah'sPhiladelphia property provides for initial annual rent of$21 million.
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