VICI Properties JV to buy Detroit casino-hotel for $1b
VICI Properties and Penn National Gaming have acquired the real property and operations of the Greektown Casino-Hotel, located in downtown Detroit for an aggregate purchase price of about $1 billion in cash.
Under the terms of the agreements, VICI Properties will acquire the land and real estate assets of Greektown for about $700 million, and Penn National will acquire the operating assets of Greektown for approximately $300 million.
Simultaneous with the closing of this transaction, VICI Properties said it will enter into a triple-net lease agreement with Penn National related to Greektown.
Opened in 2000, Greektown Casino-Hotel features 100,000 square feet of casino space, approximately 2,700 gaming machines and 60 table games, a poker room, three restaurants, five quick-serve food outlets, three bars and a coffee shop.
In addition, the casino has a AAA Four Diamond 400-room, luxury high-rise hotel with 14,000 square feet of event and catering space. The property employs approximately 1,800 team members and has partnered with nearly 20 local restaurants to offer fine dining rewards to guests.
VICI Properties said that the transaction is expected to close in mid-2019 and the acquisition is expected to be accretive immediately upon closing.
Separately, Penn National Gaming said it has entered into a definitive agreement to acquire the operations of Greektown Casino-Hotel in Detroit for approximately $300 million in cash.
