Wynn will continue to manage the property, paying the San Diego-based real estate investment trust rent that begins at $100 million annually. The Las Vegas-based casino giant is keeping 13 acres of adjacent land that it will use to build a parking garage and other non-casino amenities. Wynn has an option to sell that land to Realty Income for an additional $20 million a year in rent.
The transaction is expected to close in the ...