The rent coverage ratio in the first year after closing is expected to be 1.8x.
The lease will have an initial annual rent of approximately $55.6 million and an initial term of 15 years, with four 5-year renewal options. (NYSE: VICI) (�VICI�) for the Greektown facility. Simultaneous with the closing of the transaction, Penn National will enter into a triple net lease agreement with VICI Properties Inc. (PENN: Nasdaq) (�Penn National� or the ∼ompany�), announced today that it has entered into a definitive agreement to acquire the operations of Greektown Casino-Hotel in Detroit, Michigan (�Greektown�) for approximately $300 million in cash. Wyomissing, PA (November 14, 2018) � Penn National Gaming, Inc. TO ACQUIRE OPERATIONS OF GREEKTOWN CASINO-HOTELĪcquisition of Established Property in Downtown Detroit Expected to be Immediately Accretive to Operating Results with a Post Synergy Multiple of Approximately 6.3x
PENN NATIONAL GAMING ENTERS INTO DEFINITIVE AGREEMENT
