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National  + Nevada  |  May 11, 2018
Dennis Kaiser
By: Dennis Kaiser

Caesars, VICI in $750M Two-State Casino Deal

VICI Properties Inc. is acquiring two casino assets from Caesars Entertainment Corporation in a transaction valued at $749 million. The properties include the Octavius Tower at Caesars Palace in Las Vegas, and Harrah’s Philadelphia in Chester, PA.

The 23-story Octavius Tower (pictured) is being acquired for $507.5 million. Built in 2012, the complex comprises 1.2 million square feet of space containing 668 hotel rooms located on the Flamingo Avenue side of the property. Caesars will lease back the property with annual lease payments of $35 million.

Harrah’s Philadelphia is being purchased for $241.5 million. The property along the waterfront was built in 2006 and underwent renovations in 2017. It includes two million square feet of space. Caesars will lease back the real estate with initial annual lease payments of $21 million initially, and subject to annual increases thereafter.

The aggregate purchase price will be reduced by $159 million to reflect planned lease modifications. Caesars will continue to operate both properties.

For comments, questions or concerns, please contact Dennis Kaiser

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Inside The Story

Read more at Business WireConnect With VICI’s PitoniakConnect With Caesars’ Mark Frissora

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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