Penn National Gaming, Inc. (PENN: Nasdaq) announced today that is teaming with VICI Properties Inc. (NYSE: VICI) to acquire the operations of Greektown Casino-Hotel in Detroit, Michigan for approximately $1 billion.
Under the terms of the transaction agreements, Penn National will acquire the operating assets of Greektown for approximately $300 million and VICI Properties will acquire the land and real estate assets of Greektown for approximately $700 million. Simultaneously with the closing of this transaction, Penn National will enter into a triple net lease agreement with VICI Properties for the Greektown facility.
Milbank LLP is advising Penn in connection with the transaction.
The Milbank team was led by Corporate partner Scott Golenbock and associates James Ebberson, Lorin Kolcun and Avni Mehta. Advice was also provided by Antitrust partner Fiona Schaeffer; Real Estate special counsel Alan Schacter and associate Jonathan Karl; Environmental partner Matthew Ahrens; Executive Compensation and Employee Benefits partner Mike Shah; and Tax partner Max Goodman and associates Nick DeLuca and Kelly Bartley.
