The Octavius Tower at Caesars Palace in Las Vegas has been sold by Caesars Entertainment Corp to real estate investment trust VICI Properties for US$507.5m.

Under the deal, VICI will now lease the property back to Caesars for $35m per year. VICI is a spin-off from Caesars’ main operating company Caesars Entertainment Operating Co at the end of last year following CEOC’s exit from Chapter 11 bankruptcy.