VICI Properties Inc. (“VICI Properties” or the “Company”) announced that it has completed the previously disclosed transaction to acquire the land and real estate assets of the Margaritaville Resort Casino, located in Bossier City, Louisiana (“Margaritaville Resort Casino”), for approximately $261 million in cash, with Penn National Gaming Inc. (“Penn National” or the “Tenant”) acquiring the operating assets of the Margaritaville Resort Casino for approximately $115 million in cash. The aggregate purchase price paid in connection with the acquisition of the real property and operations of the Margaritaville Resort Casino was approximately $376 million.

Simultaneous with the closing of this transaction, Penn National entered into a triple-net lease agreement with the Company. The lease has an initial total annual rent of approximately $23.2 million and an initial term of 15 years, with four 5-year renewal options. The Tenant's obligations under the lease are guaranteed by Penn National. The Company funded the net purchase price using available cash from its 2018 equity raising activities.