Eldorado Resorts and VICI Properties Enter Into Letter of Intent for $400 Million Mortgage and the Sale of 23 Acres of Land Proximate to the Las Vegas Strip

RENO, Nev.--(BUSINESS WIRE)--Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado,” “ERI,” or “the Company”) announced today it has signed a letter of intent to enter into a $400 million mortgage with VICI Properties Inc. (NYSE: VICI) (“VICI”) that is secured by the recently opened Caesars Forum Convention Center in Las Vegas. The 5 year mortgage will bear interest at a rate of 7.7% subject to a 2% annual escalation and will be pre-payable beginning in year 3 subject to certain conditions. The Caesars Forum Convention Center will remain subject to the existing Put/Call Agreement between Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars”) and affiliates of VICI, with certain modifications, including VICI’s call option accelerating to 2025.