Although the Company believes that the expectations reflected in such forward‐looking statements are based on reasonable assumptions, its results, performance and achievements could differ materially from those expressed in or by the forward‐looking statements and may be affected by a variety of risks and other factors including, among others: risks that the acquisition of the Margaritaville Resort Casino and Harrah's Philadelphia may not be consummated on the terms or timeframe described herein, or at all the ability of the parties to satisfy the conditions set forth in the definitive transaction documents for the acquisition of the Margaritaville Resort Casino and Harrah's Philadelphia, including the ability to receive, or delays in obtaining, the regulatory and other approvals and/or consents required to consummate the transactions the risk that the call right to reacquire the Octavius Property, in the event that the Harrah's Philadelphia Purchase Agreement is terminated, may be exercised the terms on which the Company finances the Margaritaville Resort Casino and Harrah's Philadelphia transactions, including the source of funds used to finance such transactions disruptions to the real property and operations of the Margaritaville Resort Casino and Harrah's Philadelphia during the pendency of the closings risks that the Company may not achieve the benefits contemplated by the acquisition of the real estate assets (including any expected accretion or the amount of any future rent payments) risks that not all potential risks and liabilities have been identified in the due diligence for our pending and recently completed transactions the Company's dependence on subsidiaries of Caesars Entertainment Corporation ("Caesars") as tenant of all of its properties and Caesars or its subsidiaries as guarantor of the lease payments and the consequences of any material adverse effect on their business could have on the Company the Company's dependence on the gaming industry the Company's ability to pursue its business and growth strategies may be limited by its substantial debt service requirements and by the requirement that the Company distribute 90% of its real estate investment trust ("REIT") taxable income in order to qualify for taxation as a REIT and that the Company distribute 100% of its REIT taxable income in order to avoid current entity level U.
ft.
4 million Year 1 Rent, divided by $1,136 million Harrah's Las Vegas acquisition price.
2 billion Net Debt and $618 million Adjusted EBITDA ($631 million 2016 PF Adj.
Proven and independent Management Team with expertise in real estate, gaming & hospitality BIOGRAPHY Previously served as the Vice Chairman of Realterm and currently serves as an independent director on the Board of Ritchie Brothers Served as Managing Director, Acting CEO and Trustee of InnVest, Canada's largest hotel REIT.
5% and 13% to 4% and based on a three‐year rolling average.
5% and 13% in years 8 and 11, respectively Rent subject to Annual Escalator plus reset in year 8 and 11 of 80% Base / 20% Variable rent.
Amounts primarily represent pre-opening costs incurred in connection with property openings and expansion projects at existing properties and costs associated with the acquisition and development activities and reorganization activities.
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