NEW YORK--(BUSINESS WIRE)--VICI Properties Inc. (NYSE: VICI), an experiential real estate investment trust, today announced it has provided a $400 million mortgage loan to a subsidiary of Caesars Entertainment, Inc. (NASDAQ: CZR) that is secured by the Caesars Forum Convention Center in Las Vegas, in accordance with the previously announced letter of intent entered into on June 15, 2020. The loan bears interest at an initial rate of 7.7%, has a term of 5 years and is pre-payable beginning in year 3 subject to certain conditions. The Caesars Forum Convention Center is subject to an amended Put/Call Agreement between Caesars and VICI, with VICI’s call option being accelerated to 2025 in connection with the entry into the mortgage loan. The Company funded the mortgage loan with cash on hand.

Additionally, Caesars and VICI have waived the conditionality of the consummation of the mortgage transaction on the consummation of the previously disclosed potential sale by Caesars to VICI of approximately 23 acres of land in the vicinity of, or adjacent to, The LINQ Hotel & Casino, Bally’s Las Vegas, Paris Las Vegas and Planet Hollywood gaming facilities (the “Eastside Land”) as initially contemplated by the LOI. The parties continue to evaluate the potential transaction involving the Eastside Land.

About VICI Properties

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 31 gaming facilities comprising over 50 million square feet and features approximately 20,200 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars, Century Casinos Inc., Hard Rock International, JACK Entertainment and Penn National Gaming. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.