Under the deal, announced in July, VICI will buy Margaritaville for $261 million in cash from Penn National Gaming and Penn National will buy the Margaritaville casino's operating assets for $115 million. Penn National and Margaritaville then will become a VICI lease tenant, yielding the REIT $23 million in annual rent. The lease deal has a 15-year initial term with four five-year renewal options.