Caesars Entertainment Corp. said Wednesday it has signed a letter of intent with real estate investment trust Vici Properties Inc. , on the sale of two real estate assets and the modification of certain lease agreements. The LOI provides that Vici will acquire real estate assets associated with the Octavius Tower at Caesars Palace and the real estate assets associated with Harrah’s Philadelphia for $507.5 million and $241.5 million, respectively. The aggregate purchase price will be reduced by $159 million because of the lease modifications. Caesars will continue to operate both properties under the terms of long-term leases that the two have signed. “Octavius Tower will strengthen our footprint on the Las Vegas Strip, Harrah’s Philadelphia will bolster our presence on the East Coast by establishing a foothold in a top gaming market all while we add $56 million of NOI to our portfolio at an attractive net cap rate,” Vici Chief Executive Edward Pitoniak said in a statement. Vici owns a large portfolio of assets in the gaming and hospitality business, including Caesars Palace. Neither stock was active premarket, but Caesars has gained 9% in the last 12 months, while the S&P 500 has gained 11%.