Eldorado Resorts and VICI Properties enter into letter of intent for $400m mortgage and sale of 23 acres

Eldorado Resorts has signed a letter of intent to enter into a $400 million mortgage with VICI Properties that is secured by the recently opened Caesars Forum Convention Center in Las Vegas.

The Caesars Forum Convention Center will remain subject to the existing Put/Call Agreement between Caesars Entertainment Corp. and affiliates of VICI, with certain modifications, including VICI’s call option accelerating to 2025.

Additionally, VICI has agreed to acquire approximately 23 acres of undeveloped land parcels adjacent to the center of the Las Vegas Strip for $4.5 million per acre, for total proceeds of approximately $103.5 million. The total expected proceeds from both transactions is approximately $503.5 million.

The mortgage and the acquisition of the land parcels are pursuant to a non-binding letter of intent with VICI, and the closing of such transactions is conditioned upon the completion of the pending merger of Eldorado and Caesars and remains subject to