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VICI, Penn National Gaming close deals for downtown Detroit property

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VICI, Penn National Gaming close deals for downtown Detroit property

VICI Properties Inc. completed its $700 million cash acquisition of the land and real estate assets of the Greektown Casino-Hotel in downtown Detroit, while Penn National Gaming Inc. bought the property's operating assets for approximately $300 million in cash.

Simultaneous with the deal completion, Penn entered into a triple-net lease agreement with VICI regarding the property. The lease has an initial total annual rent of about $55.6 million and an initial term of 15 years, with four five-year tenant renewal options.