Penn National Gaming, Inc. entered into a triple net lease agreement with VICI Properties Inc. for the Margaritaville facility. The lease has an initial annual rent of approximately $23 million and an initial term of 15 years, with four 5-year renewal options. The rent coverage ratio in the first year after closing is expected to be greater than 2.0x, and the Tenant’s obligations under the lease are guaranteed by Penn National.