LAS VEGAS—VICI Properties Inc., the gaming REIT spun off from Caesars Entertainment Operating Co. this past October, said late Friday it had completed its $1.136-billion acquisition of the land and real estate assets of Harrah's Las Vegas Hotel & Casino from Caesars. The company also announced the closing of $2.6 billion in new credit facilities, proceeds of which will be used to partially fund the Harrah's acquisition.

GlobeSt.com reported last month that the Harrah's acquisition calls for VICI to lease back the real estate associated with the hotel/casino to Caesars in a 15-year triple-net deal with an option for four five-year extensions. It also entailed the $73.6-million sale of 18.4 acres of undeveloped land behind Harrah's and the LINQ Hotel & Casino to Caesars.

Plans call for Caesars to build a 300,000-square-foot convention center on the site. In connection with the parcel sale, VICI and Caesars have entered into a put-call agreement that will be exercisable at a specified time after the convention center opens. Caesars president and CEO Robert Frissora says the Harrah's sale will allow the company to develop the convention center without increasing leverage.