VICI Properties’ $4 Billion Acquisition of the Venetian Resort’s Real Estate in Las Vegas

Kramer Levin represented VICI Properties Inc. in the transaction.

VICI Properties Inc. (NYSE: VICI), an experiential real estate investment trust, entered into definitive agreements with Las Vegas Sands Corp. (NYSE: LVS) (LVS) to acquire all of the real estate assets associated with the Venetian Resort Las Vegas and the Sands Expo and Convention Center, located in Las Vegas, Nevada (collectively, the “Venetian Resort”), for $4.0 billion in cash.

An affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (the “Apollo Funds”), has agreed to acquire the operating company of the Venetian Resort for $2.25 billion.

Simultaneous with the closing of the transaction, the Company will enter into a triple-net lease agreement for the Venetian Resort with an affiliate of the Apollo Funds. The transaction is expected to be completed by year end 2021.

The Kramer Levin team for VICI was led by Corporate partners Todd E. Lenson (Picture) and Jordan M. Rosenbaum, Real Estate partners James P. Godman, Tzvi Rokeach and Nathalia Bernardo, and Banking and Finance partner Richard E. Farley. The team also included Corporate associates Hillel Goldstein, Jeffrey H. Taub and Eleni Zanias; Real Estate associates David Beiss, Dennis K. Heyman, Tatiana Mejia Uribe, Seth R. Niedermayer, M. Mendel Trapedo and Jacqueline Ryu; Technology and IP Transactions partner Harry Rubin and associates Katherine S. Jeffery and Michelle Park; Environmental partner Charles S. Warren and associate Julia A. Quigley; Banking and Finance partner Kenneth Chin, counsel Michael McKay, and associate Alex Korogiannakis; and Tax partner Barry Herzog and associate Rita Celebrezze D’Souza. Real Estate paralegal Andréa Santiago also assisted.

Involved fees earner: David Beiss – Kramer Levin Naftalis & Frankel LLP; Nathalia Bernardo – Kramer Levin Naftalis & Frankel LLP; Rita Celebrezze D’Souza – Kramer Levin Naftalis & Frankel LLP; Kenneth Chin – Kramer Levin Naftalis & Frankel LLP; Richard Farley – Kramer Levin Naftalis & Frankel LLP; James Godman – Kramer Levin Naftalis & Frankel LLP; Hillel Goldstein – Kramer Levin Naftalis & Frankel LLP; Barry Herzog – Kramer Levin Naftalis & Frankel LLP; Dennis Heyman – Kramer Levin Naftalis & Frankel LLP; Katherine Jeffery – Kramer Levin Naftalis & Frankel LLP; Alex Korogiannakis – Kramer Levin Naftalis & Frankel LLP; Todd Lenson – Kramer Levin Naftalis & Frankel LLP; Michael McKay – Kramer Levin Naftalis & Frankel LLP; Tatiana Mejia-Uribe – Kramer Levin Naftalis & Frankel LLP; Seth Niedermayer – Kramer Levin Naftalis & Frankel LLP; Michelle Park – Kramer Levin Naftalis & Frankel LLP; Julia Quigley – Kramer Levin Naftalis & Frankel LLP; Tzvi Rokeach – Kramer Levin Naftalis & Frankel LLP; Jordan Rosenbaum – Kramer Levin Naftalis & Frankel LLP; Harry Rubin – Kramer Levin Naftalis & Frankel LLP; Jacqueline Ryu – Kramer Levin Naftalis & Frankel LLP; Jeffrey Taub – Kramer Levin Naftalis & Frankel LLP; Mendel Trapedo – Kramer Levin Naftalis & Frankel LLP; Charles Warren – Kramer Levin Naftalis & Frankel LLP; Eleni Zanias – Kramer Levin Naftalis & Frankel LLP;

Law Firms: Kramer Levin Naftalis & Frankel LLP;

Clients: VICI Properties Inc;

Author: Martina Bellini