U.S. real estate investment trust VICI Properties Inc. has closed on the previously announced transaction to buy the land and real estate assets of Greektown Casino-Hotel, located in downtown Detroit, Michigan for about $700 million in cash.

Under the transaction, VICI Properties partnered with U.S. casinos and racetracks company Penn National Gaming, Inc., which bought the operating assets for around $300 million in cash.

Penn National said that the transaction further extends its operating base with a facility that is extremely well-positioned in one of the nation's largest regional gaming markets.

VICI Properties also said that the Greektown deal, the company's second with Penn National, further solidifies its relationship with Penn and demonstrates its commitment to deliver quality portfolio income.