Harrah’s Las Vegas in $1.14B Sale-Leaseback

VICI Properties Inc. entered into a definitive agreement with an affiliate of Caesars Entertainment Corporation to acquire and lease back the land and real property improvements associated with the iconic Harrah’s Las Vegas Hotel and Casino for roughly $1.14 billion. Simultaneously, VICI Properties agreed to sell to Caesars roughly 18.4 acres of undeveloped land behind the LINQ Hotel & Casino and Harrah’s Las Vegas for $73.6 million.

After closing, which is anticipated in December 2017, a subsidiary of Caesars will lease from VICI Properties the real estate associated with Harrah’s Las Vegas under a 15-year triple-net lease agreement that will have four subsequent five-year renewal periods at the tenant’s option. The transactions are conditional on each other, and are expected to be immediately accretive for VICI Properties.

Harrah’s Las Vegas comprises 4.1 million square feet, and contains 90,600 square feet of casino space and 2,530 hotel rooms.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Harrah’s Las Vegas in $1.14B Sale-Leaseback

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Harrah’s Las Vegas in $1.14B Sale-Leaseback

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