VICI Properties buys Octavius Tower at Caesars Palace Las Vegas

VICI Properties has completed the acquisition of Octavius Tower at Caesars Palace Las Vegas for $507.5m in cash. The seller, Caesars Entertainment Corporation, will continue to operate the property for $35m in rent per year. Constructed in 2012, the hotel spans 1.2 million sq ft and is located on the Flamingo Avenue side of Caesars Palace Las Vegas. The 28-story building offers 668 beds.

“These agreements with VICI unlock more than $500m in value from our real estate assets to support value-adding growth opportunities and reduce the volatility of our future rent payments, demonstrating our commitment to create value for our shareholders while maintaining financial discipline,” said Mark Frissora, president and CEO of Caesars Entertainment.