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VICI Properties, Penn National complete Bossier City, La., resort casino deals

VICI Properties Inc. and Penn National Gaming Inc. completed their respective deals pertaining to the Margaritaville Resort Casino in Bossier City, La.

Experiential real estate investment trust VICI acquired the land and real estate assets of the resort casino for approximately $261 million in cash, while casino operator Penn bought the operating assets for approximately $115 million in cash.

Simultaneous with the deal's closing, Penn entered into a triple-net lease agreement with VICI. According to a Jan. 2 release from VICI, the lease has an initial total annual rent of roughly $23.2 million and an initial term of 15 years, with four five-year renewal options.